Citizens Business Bank Trims Stock Holdings in Eaton Co. plc (NYSE:ETN)

Citizens Business Bank lowered its position in Eaton Co. plc (NYSE:ETN) by 49.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,135 shares of the industrial products company’s stock after selling 1,100 shares during the quarter. Citizens Business Bank’s holdings in Eaton were worth $273,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners purchased a new stake in shares of Eaton during the fourth quarter worth approximately $25,000. Valued Wealth Advisors LLC purchased a new stake in shares of Eaton during the fourth quarter worth approximately $35,000. Chilton Capital Management LLC purchased a new stake in shares of Eaton during the fourth quarter worth approximately $35,000. Authentikos Wealth Advisory LLC purchased a new position in Eaton in the third quarter worth $39,000. Finally, Legacy Financial Group LLC purchased a new position in Eaton in the third quarter worth $43,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the subject of several research analyst reports. Evercore ISI increased their price objective on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Bank of America increased their price objective on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Wolfe Research reiterated an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a research report on Monday, April 8th. The Goldman Sachs Group increased their price objective on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, Berenberg Bank increased their price objective on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $295.60.

Eaton Price Performance

Shares of ETN traded down $8.15 during trading hours on Tuesday, reaching $318.36. 5,279,264 shares of the company traded hands, compared to its average volume of 2,011,462. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $127.18 billion, a PE ratio of 40.75, a price-to-earnings-growth ratio of 2.69 and a beta of 1.07. Eaton Co. plc has a fifty-two week low of $165.24 and a fifty-two week high of $333.05. The stock has a fifty day simple moving average of $305.81 and a 200 day simple moving average of $259.67.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. The business had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.06 earnings per share. As a group, research analysts predict that Eaton Co. plc will post 10.28 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s payout ratio is 46.88%.

Insiders Place Their Bets

In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the sale, the insider now directly owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the sale, the insider now directly owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,969 shares of company stock valued at $10,904,774. Insiders own 0.33% of the company’s stock.

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.