First Citizens Bank & Trust Co. Cuts Stock Position in Eaton Co. plc (NYSE:ETN)

First Citizens Bank & Trust Co. cut its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 18.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,939 shares of the industrial products company's stock after selling 9,450 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Eaton were worth $11,128,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other news, insider Michael Yelton sold 2,120 shares of Eaton 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 sale, the insider now owns 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider now owns 490,208 shares of the company's stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Barclays lowered their price target on shares of Eaton from $315.00 to $306.00 and set an "equal weight" rating for the company in a report on Friday, April 4th. BNP Paribas initiated coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. Evercore ISI increased their target price on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Royal Bank of Canada lifted their price target on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Finally, KeyCorp increased their price objective on Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $367.83.

Eaton Trading Up 1.6%

Eaton stock opened at $331.71 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The stock has a market capitalization of $129.80 billion, a PE ratio of 34.92, a price-to-earnings-growth ratio of 2.64 and a beta of 1.16. The business's fifty day moving average is $298.11 and its 200 day moving average is $315.95. Eaton Co. plc has a one year low of $231.85 and a one year high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The company's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period last year, the business posted $2.40 EPS. On average, sell-side analysts predict that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.25%. Eaton's dividend payout ratio (DPR) is presently 41.98%.

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.

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