Citizens Business Bank Sells 34 Shares of Eaton Co. plc (NYSE:ETN)

Citizens Business Bank decreased its position in Eaton Co. plc (NYSE:ETN) by 1.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,116 shares of the industrial products company’s stock after selling 34 shares during the quarter. Citizens Business Bank’s holdings in Eaton were worth $701,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ETN. Breakwater Investment Management increased its holdings in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares during the last quarter. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton in the 2nd quarter worth $29,000. Groupama Asset Managment raised its holdings in Eaton by 83.2% in the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 4,298 shares during the period. LGT Financial Advisors LLC bought a new stake in Eaton during the second quarter valued at about $33,000. Finally, Morse Asset Management Inc purchased a new stake in Eaton in the third quarter worth about $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Transactions at Eaton

In related news, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the transaction, the director now directly owns 51,422 shares in the company, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the sale, the insider now directly owns 31,200 shares of the company’s stock, valued at $11,811,696. This represents a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,981 shares of company stock worth $24,100,317. 0.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Citigroup boosted their price objective on Eaton from $394.00 to $440.00 and gave the company a “buy” rating in a research note on Monday. Jefferies Financial Group upped their price target on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a research note on Friday, November 1st. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Finally, Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and increased their price target for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $367.83.

Eaton Stock Down 1.5 %

NYSE ETN opened at $358.55 on Wednesday. The stock has a 50 day moving average price of $353.40 and a 200-day moving average price of $325.99. Eaton Co. plc has a one year low of $231.84 and a one year high of $379.99. The company has a market capitalization of $141.70 billion, a P/E ratio of 38.14, a P/E/G ratio of 2.81 and a beta of 1.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same period last year, the company posted $2.47 EPS. The business’s revenue was up 7.9% on a year-over-year basis. As a group, equities analysts predict that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. The ex-dividend date was Monday, November 4th. Eaton’s payout ratio is 40.00%.

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.