Zions Bancorporation National Association UT Purchases Shares of 21,768 Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Zions Bancorporation National Association UT acquired a new stake in Eaton Corporation, purchasing 21,768 shares valued at approximately $5.92 million.
• Insider Craig Arnold sold 103,486 shares of Eaton, reducing his position by 17.43%, indicating significant insider activity.
• Wall Street analysts have mixed ratings on Eaton, with a majority giving a buy rating and a current average price target of $383.63.

Zions Bancorporation National Association UT purchased a new stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 21,768 shares of the industrial products company's stock, valued at approximately $5,917,000.

A number of other institutional investors have also bought and sold shares of the company. Founders Financial Alliance LLC boosted its position in shares of Eaton by 13.2% during the 1st quarter. Founders Financial Alliance LLC now owns 6,132 shares of the industrial products company's stock worth $1,667,000 after purchasing an additional 717 shares in the last quarter. Summit Financial Strategies Inc. boosted its position in shares of Eaton by 32.7% during the 1st quarter. Summit Financial Strategies Inc. now owns 2,243 shares of the industrial products company's stock worth $610,000 after purchasing an additional 553 shares in the last quarter. Everett Harris & Co. CA boosted its position in shares of Eaton by 24.5% during the 1st quarter. Everett Harris & Co. CA now owns 1,523 shares of the industrial products company's stock worth $414,000 after purchasing an additional 300 shares in the last quarter. Savvy Advisors Inc. boosted its position in shares of Eaton by 7.7% during the 1st quarter. Savvy Advisors Inc. now owns 3,880 shares of the industrial products company's stock worth $1,055,000 after purchasing an additional 277 shares in the last quarter. Finally, Citigroup Inc. boosted its position in shares of Eaton by 128.0% during the 1st quarter. Citigroup Inc. now owns 658,355 shares of the industrial products company's stock worth $178,961,000 after purchasing an additional 369,544 shares in the last quarter. Institutional investors own 82.97% of the company's stock.

Eaton Stock Performance

ETN traded up $2.91 on Friday, hitting $363.07. The company's stock had a trading volume of 2,139,096 shares, compared to its average volume of 2,683,531. The company's 50 day simple moving average is $354.99 and its 200-day simple moving average is $317.65. The firm has a market cap of $141.34 billion, a P/E ratio of 36.53, a price-to-earnings-growth ratio of 2.68 and a beta of 1.18. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $399.56. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 EPS for the quarter, topping the consensus estimate of $2.92 by $0.03. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.93 billion. Eaton had a net margin of 15.11% and a return on equity of 23.91%. Eaton's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period last year, the firm earned $2.73 EPS. Analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.1%. Eaton's dividend payout ratio (DPR) is 41.85%.

Insider Buying and Selling

In related news, insider Craig Arnold sold 103,486 shares of the firm'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 transaction, the insider directly owned 490,208 shares of the company's stock, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Wall Street Zen cut shares of Eaton from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Barclays upped their target price on shares of Eaton from $340.00 to $344.00 and gave the stock an "equal weight" rating in a report on Wednesday. Evercore ISI upped their target price on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a report on Monday, May 19th. Wells Fargo & Company upped their target price on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Finally, Royal Bank Of Canada upped their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $383.63.

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.