Bangor Savings Bank Sells 108 Shares of Eaton Co. plc (NYSE:ETN)

Bangor Savings Bank reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 5.8% during the third quarter, HoldingsChannel.com reports. The fund owned 1,740 shares of the industrial products company’s stock after selling 108 shares during the quarter. Bangor Savings Bank’s holdings in Eaton were worth $577,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ETN. Sei Investments Co. raised its holdings in Eaton by 69.1% during the 4th quarter. Sei Investments Co. now owns 266,472 shares of the industrial products company’s stock valued at $64,169,000 after acquiring an additional 108,928 shares during the period. Elo Mutual Pension Insurance Co raised its holdings in Eaton by 4.4% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 34,835 shares of the industrial products company’s stock worth $8,389,000 after purchasing an additional 1,474 shares in the last quarter. State of Tennessee Treasury Department lifted its holdings in shares of Eaton by 9.6% during the fourth quarter. State of Tennessee Treasury Department now owns 216,991 shares of the industrial products company’s stock valued at $52,256,000 after purchasing an additional 18,983 shares during the last quarter. Cresset Asset Management LLC raised its position in shares of Eaton by 6.4% in the 4th quarter. Cresset Asset Management LLC now owns 38,285 shares of the industrial products company’s stock worth $9,220,000 after purchasing an additional 2,301 shares during the last quarter. Finally, Nomura Holdings Inc. lifted its stake in shares of Eaton by 1,656.0% in the fourth quarter. Nomura Holdings Inc. now owns 12,448 shares of the industrial products company’s stock worth $2,998,000 after buying an additional 13,248 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is owned by insiders.

Eaton Stock Performance

Eaton stock opened at $334.69 on Tuesday. The company has a 50 day moving average price of $303.32 and a 200-day moving average price of $314.79. The company has a market capitalization of $133.81 billion, a PE ratio of 39.51, a P/E/G ratio of 2.53 and a beta of 1.02. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. As a group, equities analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.12%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is currently 44.39%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ETN. Royal Bank of Canada lowered their price target on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Barclays increased their price target on Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group lifted their price target on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Finally, Raymond James reduced their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Eaton presently has an average rating of “Moderate Buy” and an average price target of $339.47.

Eaton Company 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.