M&T Bank Corp Sells 9,163 Shares of Eaton Corporation, PLC (NYSE:ETN)

M&T Bank Corp cut its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 9.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,254 shares of the industrial products company's stock after selling 9,163 shares during the period. M&T Bank Corp's holdings in Eaton were worth $23,446,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Capital A Wealth Management LLC purchased a new stake in shares of Eaton during the 4th quarter valued at $26,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton during the 4th quarter valued at $27,000. Creative Financial Designs Inc. ADV increased its position in shares of Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 51 shares during the last quarter. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Eaton during the 4th quarter valued at $33,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Eaton during the 4th quarter valued at $33,000. 82.97% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ETN. The Goldman Sachs Group raised their target price on Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research report on Tuesday. BNP Paribas Exane assumed coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective for the company. KeyCorp lifted 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. Morgan Stanley decreased their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. lifted their price objective on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $370.63.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was 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 owned 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the sale, the insider owned 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 156,660 shares of company stock valued at $49,622,894. Corporate insiders own 0.30% of the company's stock.

Eaton Price Performance

Shares of ETN traded down $2.00 during midday trading on Thursday, hitting $357.78. 2,809,502 shares of the company traded hands, compared to its average volume of 2,671,382. The firm has a market cap of $140.00 billion, a P/E ratio of 36.10, a PEG ratio of 2.71 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The stock has a 50-day moving average of $330.40 and a 200-day moving average of $313.40. Eaton Corporation, PLC has a one year low of $231.85 and a one 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 (EPS) for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company's revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the company posted $2.40 EPS. As a group, sell-side analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were given a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.16%. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Eaton Profile

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.