Cullen Frost Bankers Inc. Sells 6,305 Shares of Eaton Co. plc (NYSE:ETN)

Cullen Frost Bankers Inc. decreased its holdings in Eaton Co. plc (NYSE:ETN) by 4.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 131,646 shares of the industrial products company’s stock after selling 6,305 shares during the period. Cullen Frost Bankers Inc.’s holdings in Eaton were worth $41,277,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Eaton in the 4th quarter worth approximately $1,087,983,000. Capital World Investors raised its stake in Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after buying an additional 2,439,270 shares during the last quarter. Jennison Associates LLC lifted its holdings in Eaton by 2,857.4% in the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after buying an additional 1,219,790 shares during the period. Balyasny Asset Management L.P. boosted its position in Eaton by 2,006.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock valued at $232,326,000 after acquiring an additional 918,936 shares during the last quarter. Finally, Swedbank AB acquired a new stake in Eaton during the 2nd quarter worth about $225,974,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Down 0.3 %

Eaton stock traded down $0.75 during trading on Friday, hitting $284.97. 2,163,854 shares of the company were exchanged, compared to its average volume of 2,172,430. The company has a market capitalization of $113.93 billion, a P/E ratio of 33.64, a PEG ratio of 2.35 and a beta of 1.01. The business’s 50 day moving average is $302.48 and its 200 day moving average is $310.93. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Analysts predict that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.32%. Eaton’s payout ratio is presently 44.39%.

Wall Street Analyst Weigh In

ETN has been the topic of several research analyst reports. Royal Bank of Canada cut their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Barclays increased their price target on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Wells Fargo & Company lowered their price objective on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Morgan Stanley began coverage on shares of Eaton in a research note on Friday. They set an “overweight” rating and a $370.00 target price on the stock. Finally, Evercore ISI dropped their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $335.76.

Insider Activity

In other news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 value of $950,584.32. Following the sale, the insider now owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dorothy C. Thompson acquired 2,205 shares of Eaton stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Insiders sold a total of 52,511 shares of company stock valued at $15,809,326 over the last three months. Corporate insiders own 0.53% of the company’s stock.

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.