Associated Banc Corp Decreases Stock Holdings in Eaton Co. plc (NYSE:ETN)

Associated Banc Corp cut its holdings in Eaton Co. plc (NYSE:ETN) by 5.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,361 shares of the industrial products company’s stock after selling 6,044 shares during the period. Eaton comprises about 1.1% of Associated Banc Corp’s holdings, making the stock its 22nd largest position. Associated Banc Corp’s holdings in Eaton were worth $37,572,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ETN. IAM Advisory LLC purchased a new position in shares of Eaton in the 2nd quarter valued at $599,000. Interval Partners LP boosted its holdings in shares of Eaton by 82.7% in the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock valued at $47,571,000 after acquiring an additional 68,693 shares during the period. Scientech Research LLC increased its holdings in shares of Eaton by 285.5% in the 2nd quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock valued at $1,801,000 after acquiring an additional 4,254 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in Eaton by 25.9% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock worth $8,657,000 after purchasing an additional 5,676 shares during the period. Finally, Leavell Investment Management Inc. increased its holdings in shares of Eaton by 67.6% in the second quarter. Leavell Investment Management Inc. now owns 8,556 shares of the industrial products company’s stock valued at $2,683,000 after purchasing an additional 3,452 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Performance

ETN traded up $1.39 on Monday, hitting $378.80. 40,355 shares of the stock traded hands, compared to its average volume of 2,096,746. The firm has a market capitalization of $149.70 billion, a PE ratio of 40.15, a P/E/G ratio of 2.99 and a beta of 1.01. Eaton Co. plc has a 52 week low of $224.52 and a 52 week high of $378.80. The business has a fifty day moving average price of $342.75 and a two-hundred day moving average price of $322.91. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.47 earnings per share. On average, research analysts predict that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio is currently 40.00%.

Analysts Set New Price Targets

Several brokerages have issued reports on ETN. Morgan Stanley began coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective on the stock. Barclays decreased their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Mizuho upped their target price on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $374.00 price objective on shares of Eaton in a research note on Friday, November 1st. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $357.83.

Insiders Place Their Bets

In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction that occurred on 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 directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The trade was a 44.48 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,705 shares of company stock valued at $24,516,346. 0.33% of the stock is currently owned by corporate insiders.

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.