Amalgamated Bank Has $25.31 Million Stock Position in Eaton Co. plc (NYSE:ETN)

Amalgamated Bank lowered its stake in Eaton Co. plc (NYSE:ETN) by 1.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,728 shares of the industrial products company’s stock after selling 1,394 shares during the period. Amalgamated Bank’s holdings in Eaton were worth $25,312,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. LifeSteps Financial Inc. acquired a new position in shares of Eaton during the first quarter worth $25,000. Breakwater Investment Management lifted its holdings in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the period. Atwood & Palmer Inc. lifted its holdings in shares of Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the period. Clear Investment Research LLC acquired a new position in shares of Eaton during the fourth quarter worth $29,000. Finally, Proffitt & Goodson Inc. acquired a new position in shares of Eaton during the second quarter worth $29,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ETN. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Royal Bank of Canada lowered their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Morgan Stanley assumed coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 target price for the company. Citigroup assumed coverage on shares of Eaton in a research note on Monday. They issued a “buy” rating and a $348.00 price target for the company. Finally, Jefferies Financial Group lifted their price target on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average target price of $337.41.

Eaton Stock Up 1.7 %

Eaton stock opened at $311.70 on Wednesday. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The stock has a market cap of $124.62 billion, a PE ratio of 36.80, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01. The firm’s 50-day simple moving average is $300.17 and its 200 day simple moving average is $312.08. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56.

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

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date was Monday, August 5th. Eaton’s payout ratio is 44.39%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Eaton news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The disclosure for this sale can be found here. Insiders have sold a total of 52,511 shares of company stock worth $15,809,326 over the last three months. 0.53% of the stock is currently owned by insiders.

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.