Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Truist Financial Corp

Truist Financial Corp lessened its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 3.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 534,782 shares of the industrial products company's stock after selling 16,453 shares during the period. Truist Financial Corp owned approximately 0.14% of Eaton worth $145,370,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock valued at $12,351,506,000 after purchasing an additional 99,291 shares during the last quarter. FMR LLC lifted its stake in Eaton by 1.2% in the 4th quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock valued at $5,051,807,000 after purchasing an additional 182,455 shares during the last quarter. Geode Capital Management LLC lifted its stake in Eaton by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock valued at $2,714,677,000 after purchasing an additional 129,071 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in Eaton by 4.3% in the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock valued at $1,550,226,000 after purchasing an additional 192,482 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Eaton by 8.8% in the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after purchasing an additional 368,241 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Insider Transactions at Eaton

In other Eaton 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 sale, the insider directly owned 490,208 shares of the company's stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction dated 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 owned 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 156,660 shares of company stock worth $49,622,894. Company insiders own 0.30% of the company's stock.

Eaton Stock Performance

Shares of NYSE ETN traded up $3.79 during trading on Friday, reaching $361.98. 1,088,135 shares of the company traded hands, compared to its average volume of 2,668,688. The firm has a 50 day simple moving average of $326.36 and a 200-day simple moving average of $312.79. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $141.64 billion, a PE ratio of 36.53, a P/E/G ratio of 2.73 and a beta of 1.17. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week 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, beating the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The business had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the previous year, the firm earned $2.40 earnings per share. The company's revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is presently 41.98%.

Analyst Ratings Changes

Several brokerages recently commented on ETN. Wall Street Zen raised shares of Eaton from a "hold" rating to a "buy" rating in a research note on Saturday. Wells Fargo & Company upped their price target on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Morgan Stanley decreased their price target on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Citigroup upped their price target on shares of Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $369.06.

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.