Atlantic Union Bankshares Corp Reduces Stock Position in Eaton Co. plc (NYSE:ETN)

Atlantic Union Bankshares Corp lowered its holdings in shares of Eaton Co. plc (NYSE:ETN) by 3.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,457 shares of the industrial products company’s stock after selling 1,015 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Eaton were worth $8,273,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of ETN. Atwood & Palmer Inc. lifted its holdings in shares of Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after buying an additional 50 shares during the period. Tennessee Valley Asset Management Partners purchased a new stake in shares of Eaton during the 4th quarter worth $25,000. Clear Investment Research LLC purchased a new stake in shares of Eaton during the 4th quarter worth $29,000. Valued Wealth Advisors LLC purchased a new stake in shares of Eaton during the 4th quarter worth $35,000. Finally, Chilton Capital Management LLC purchased a new stake in shares of Eaton during the 4th quarter worth $35,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ETN shares. JPMorgan Chase & Co. upped their target price on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. HSBC increased their price objective on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Wolfe Research reissued an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a report on Monday, April 8th. Mizuho reissued a “buy” rating and issued a $355.00 price objective (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Finally, Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $250.00 to $300.00 in a report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and a consensus price target of $318.06.

Eaton Price Performance

Shares of NYSE:ETN traded down $0.39 during midday trading on Friday, hitting $313.55. The company had a trading volume of 2,524,471 shares, compared to its average volume of 2,028,571. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. The stock has a market cap of $125.36 billion, a price-to-earnings ratio of 37.02, a price-to-earnings-growth ratio of 2.64 and a beta of 1.04. The business’s 50-day simple moving average is $325.35 and its 200-day simple moving average is $292.34.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the previous year, the firm posted $1.88 earnings per share. The company’s revenue was up 8.4% on a year-over-year basis. On average, research analysts predict that Eaton Co. plc will post 10.56 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were issued a $0.94 dividend. The ex-dividend date was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.20%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Activity at Eaton

In related news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now directly owns 5,086 shares in the company, valued at $1,687,738.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by company 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.