First Citizens Bank & Trust Co. Sells 9,450 Shares of Eaton Co. plc (NYSE:ETN)

First Citizens Bank & Trust Co. lessened its holdings in Eaton Co. plc (NYSE:ETN) by 18.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 40,939 shares of the industrial products company’s stock after selling 9,450 shares during the period. First Citizens Bank & Trust Co.’s holdings in Eaton were worth $11,128,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Capital A Wealth Management LLC purchased a new stake in shares of Eaton during the 4th quarter valued at about $26,000. Flagship Wealth Advisors LLC purchased a new position in shares of Eaton in the 4th quarter worth approximately $27,000. Noble Wealth Management PBC bought a new position in shares of Eaton during the 4th quarter valued at approximately $30,000. Murphy & Mullick Capital Management Corp purchased a new stake in Eaton during the 4th quarter valued at $33,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Eaton in the fourth quarter worth $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

NYSE ETN opened at $331.71 on Monday. The company has a market cap of $129.80 billion, a PE ratio of 34.92, a P/E/G ratio of 2.64 and a beta of 1.16. The firm’s 50 day moving average price is $298.11 and its 200-day moving average price is $315.95. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. Eaton Co. plc has a 52-week low of $231.85 and a 52-week high of $379.99.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The firm had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.26 billion. During the same period in the prior year, the business posted $2.40 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. Sell-side analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.25%. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ETN. Citigroup increased their target price on shares of Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a research note on Monday, May 5th. KeyCorp increased their price objective on shares of Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Barclays dropped their target price on Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a research report on Friday, April 4th. Wells Fargo & Company reiterated an “overweight” rating and issued a $355.00 price target on shares of Eaton in a report on Monday, May 5th. Finally, BNP Paribas initiated coverage on Eaton in a report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price objective for the company. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $367.83.

Insider Activity at Eaton

In related news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider now directly owns 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider now directly owns 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 over the last 90 days. Insiders own 0.30% of the company’s stock.

Eaton 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.