Log Out

First Bancorp Inc ME Trims Holdings in Eaton Co. Plc (NYSE:ETN)

Financial News Live · Sep 22, 2022 15:54

First Bancorp Inc ME decreased its stake in shares of Eaton Co. plc (NYSE:ETN – Get Rating) by 7.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,343 shares of the industrial products company's stock after selling 191 shares during the quarter. First Bancorp Inc ME's holdings in Eaton were worth $295,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. lifted its position in Eaton by 288.6% during the first quarter. Financial Management Professionals Inc. now owns 171 shares of the industrial products company's stock worth $26,000 after buying an additional 127 shares in the last quarter. Hazlett Burt & Watson Inc. purchased a new stake in Eaton in the first quarter valued at $30,000. Steward Financial Group LLC purchased a new stake in Eaton in the first quarter valued at $32,000. Baldwin Brothers LLC MA raised its position in Eaton by 63.0% in the first quarter. Baldwin Brothers LLC MA now owns 220 shares of the industrial products company's stock valued at $33,000 after purchasing an additional 85 shares during the period. Finally, Princeton Global Asset Management LLC raised its position in Eaton by 588.6% in the first quarter. Princeton Global Asset Management LLC now owns 241 shares of the industrial products company's stock valued at $37,000 after purchasing an additional 206 shares during the period. Hedge funds and other institutional investors own 80.54% of the company's stock.

Get Eaton alerts:

Eaton Stock Down 1.8 %

Shares of NYSE:ETN traded down $2.51 on Thursday, hitting $135.32. 48,351 shares of the company's stock were exchanged, compared to its average volume of 1,523,270. The firm's 50-day moving average is $142.74 and its 200 day moving average is $141.70. The company has a market capitalization of $53.90 billion, a PE ratio of 23.47, a P/E/G ratio of 1.68 and a beta of 1.20. Eaton Co. plc has a 1-year low of $122.50 and a 1-year high of $175.72. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.58 and a current ratio of 0.97.

Eaton (NYSE:ETN – Get Rating) last released its quarterly earnings data on Tuesday, August 2nd. The industrial products company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.05. The business had revenue of $5.21 billion during the quarter, compared to analysts' expectations of $5.22 billion. Eaton had a return on equity of 17.04% and a net margin of 11.70%. The business's quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.72 EPS. Sell-side analysts predict that Eaton Co. plc will post 7.55 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were issued a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, August 11th. Eaton's payout ratio is currently 56.15%.

Analysts Set New Price Targets

A number of research firms have commented on ETN. StockNews.com upgraded Eaton from a "hold" rating to a "buy" rating in a research report on Friday, July 8th. Royal Bank of Canada lifted their price objective on Eaton from $139.00 to $145.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 3rd. The Goldman Sachs Group dropped their price objective on Eaton from $175.00 to $146.00 and set a "buy" rating for the company in a research note on Thursday, June 23rd. UBS Group dropped their price objective on Eaton from $192.00 to $173.00 and set a "buy" rating for the company in a research note on Wednesday, August 3rd. Finally, Mizuho lifted their price objective on Eaton from $145.00 to $160.00 and gave the company a "buy" rating in a research note on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Eaton currently has an average rating of "Moderate Buy" and a consensus price target of $160.15.

Insider Activity

In other news, insider Daniel Roy Hopgood sold 1,500 shares of the business's stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $151.70, for a total value of $227,550.00. Following the completion of the sale, the insider now directly owns 7,593 shares of the company's stock, valued at approximately $1,151,858.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Eaton news, Director Deborah L. Mccoy sold 3,000 shares of the company's stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $148.72, for a total transaction of $446,160.00. Following the completion of the sale, the director now directly owns 12,856 shares of the company's stock, valued at approximately $1,911,944.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Daniel Roy Hopgood sold 1,500 shares of the company's stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $151.70, for a total value of $227,550.00. Following the sale, the insider now directly owns 7,593 shares of the company's stock, valued at $1,151,858.10. The disclosure for this sale can be found here. Company insiders own 0.56% of the company's stock.

Eaton Profile

(Get Rating)

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.