Eaton Corporation, PLC (NYSE:ETN) Shares Acquired by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. boosted its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 11.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,214 shares of the industrial products company's stock after buying an additional 814 shares during the period. Canandaigua National Bank & Trust Co.'s holdings in Eaton were worth $2,233,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Capital A Wealth Management LLC purchased a new stake in shares of Eaton in the 4th quarter worth $26,000. Flagship Wealth Advisors LLC bought a new position in shares of Eaton in the 4th quarter valued at about $27,000. Creative Financial Designs Inc. ADV lifted its holdings in shares of Eaton by 102.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 51 shares during the last quarter. Noble Wealth Management PBC purchased a new stake in Eaton in the 4th quarter worth about $30,000. Finally, Murphy & Mullick Capital Management Corp purchased a new stake in Eaton in the 4th quarter worth about $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the transaction, the insider directly owned 490,208 shares of the company's stock, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the transaction, the insider directly owned 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock valued at $49,622,894 over the last three months. 0.30% of the stock is currently owned by corporate insiders.

Eaton Stock Performance

NYSE:ETN traded up $2.26 during trading hours on Wednesday, reaching $357.30. 1,047,805 shares of the company's stock were exchanged, compared to its average volume of 2,659,220. The firm has a market capitalization of $139.81 billion, a price-to-earnings ratio of 35.98, a P/E/G ratio of 2.77 and a beta of 1.17. The company has a 50-day moving average of $321.76 and a 200 day moving average of $312.47. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. Eaton's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.40 EPS. Research analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.16%. Eaton's dividend payout ratio is currently 41.98%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ETN. BNP Paribas Exane assumed coverage on shares of Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. KeyCorp boosted their target price on shares of Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Wells Fargo & Company lifted their price objective on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a report on Tuesday. Jefferies Financial Group cut their target price on shares of Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $369.06.

About Eaton

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.