First Bancorp Inc ME Sells 4,772 Shares of Eaton Corporation, PLC (NYSE:ETN)

First Bancorp Inc ME reduced its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 47.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,189 shares of the industrial products company's stock after selling 4,772 shares during the period. Eaton makes up about 0.9% of First Bancorp Inc ME's investment portfolio, making the stock its 22nd biggest position. First Bancorp Inc ME's holdings in Eaton were worth $1,426,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital A Wealth Management LLC acquired a new stake in Eaton in the fourth quarter worth $26,000. Flagship Wealth Advisors LLC bought a new stake in shares of Eaton in the fourth quarter worth about $27,000. Noble Wealth Management PBC acquired a new stake in shares of Eaton during the fourth quarter worth about $30,000. Murphy & Mullick Capital Management Corp bought a new position in shares of Eaton during the 4th quarter valued at about $33,000. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Eaton in the 4th quarter valued at approximately $33,000. 82.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company restated an "overweight" rating and set a $355.00 target price on shares of Eaton in a report on Monday, May 5th. JPMorgan Chase & Co. boosted their price target on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Evercore ISI increased their price objective on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a report on Monday, May 19th. BNP Paribas Exane started coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. Finally, Jefferies Financial Group decreased their price target 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. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, Eaton presently has an average rating of "Moderate Buy" and an average target price of $368.78.

Eaton Stock Performance

Shares of Eaton stock traded up $10.60 during trading on Tuesday, hitting $343.55. 2,977,646 shares of the stock were exchanged, compared to its average volume of 2,657,115. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $379.99. The stock has a market capitalization of $134.43 billion, a price-to-earnings ratio of 34.67, a price-to-earnings-growth ratio of 2.58 and a beta of 1.16. The company has a fifty day moving average price of $313.24 and a 200-day moving average price of $312.76. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The business's revenue was up 7.3% on a year-over-year basis. During the same period last year, the firm posted $2.40 earnings per share. As a group, equities analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's payout ratio is presently 41.98%.

Insider Transactions at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the transaction, the insider now directly owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider now owns 490,208 shares of the company's stock, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by insiders.

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.