M&T Bank Corp Has $23.45 Million Stock Position in Eaton Corporation, PLC (NYSE:ETN)

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

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Capital A Wealth Management LLC bought a new position in shares of Eaton in the 4th quarter worth approximately $26,000. Flagship Wealth Advisors LLC purchased a new position in Eaton during the fourth quarter worth $27,000. Creative Financial Designs Inc. ADV boosted its stake in Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after buying an additional 51 shares during the period. Murphy & Mullick Capital Management Corp purchased a new position in Eaton during the fourth quarter worth $33,000. Finally, Vermillion Wealth Management Inc. bought a new position in Eaton in the fourth quarter worth about $33,000. 82.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ETN shares. BNP Paribas Exane started coverage on Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. Royal Bank Of Canada increased their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. Barclays upped their target price on Eaton from $323.00 to $340.00 and gave the company an "equal weight" rating in a report on Wednesday. Evercore ISI increased their price target on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a report on Monday, May 19th. Finally, KeyCorp increased their price target on Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Six 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 currently has an average rating of "Moderate Buy" and a consensus price target of $370.63.

Eaton Stock Down 0.8%

NYSE ETN traded down $2.79 on Thursday, reaching $356.99. The stock had a trading volume of 1,372,695 shares, compared to its average volume of 2,663,622. The business has a 50 day moving average price of $330.40 and a 200 day moving average price of $313.40. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $379.99. The company has a market capitalization of $139.69 billion, a price-to-earnings ratio of 36.08, a P/E/G ratio of 2.69 and a beta of 1.17. 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 posted its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter in the prior year, the firm posted $2.40 EPS. The company's revenue for the quarter was up 7.3% on a year-over-year basis. On average, analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

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. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio is currently 41.98%.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 103,486 shares of Eaton 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 completion of the sale, the insider owned 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction 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 transaction, the insider owned 3,382 shares in the company, 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 ninety days, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is currently 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.