Central Pacific Bank Trust Division Sells 1,381 Shares of Eaton Co. plc (NYSE:ETN)

Central Pacific Bank Trust Division cut its holdings in Eaton Co. plc (NYSE:ETN) by 14.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,348 shares of the industrial products company’s stock after selling 1,381 shares during the period. Central Pacific Bank Trust Division’s holdings in Eaton were worth $2,770,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. GAMMA Investing LLC lifted its stake in Eaton by 6.9% in the fourth quarter. GAMMA Investing LLC now owns 13,123 shares of the industrial products company’s stock valued at $4,355,000 after buying an additional 843 shares during the period. Versant Capital Management Inc lifted its position in shares of Eaton by 113.4% during the 4th quarter. Versant Capital Management Inc now owns 636 shares of the industrial products company’s stock valued at $211,000 after acquiring an additional 338 shares during the period. Principal Financial Group Inc. boosted its stake in Eaton by 4.1% during the third quarter. Principal Financial Group Inc. now owns 457,350 shares of the industrial products company’s stock worth $151,584,000 after acquiring an additional 17,965 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in Eaton by 48.9% in the third quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock worth $13,533,000 after purchasing an additional 13,497 shares during the period. Finally, Legacy Wealth Management LLC MS acquired a new position in shares of Eaton during the third quarter valued at about $385,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the transaction, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,981 shares of company stock worth $27,660,117. Corporate insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Shares of NYSE:ETN traded up $10.35 during mid-day trading on Friday, reaching $342.31. The company had a trading volume of 998,342 shares, compared to its average volume of 1,283,131. Eaton Co. plc has a one year low of $233.73 and a one year high of $379.99. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $354.71 and its 200-day moving average price is $327.98. The firm has a market cap of $135.28 billion, a price-to-earnings ratio of 36.42, a PEG ratio of 2.74 and a beta of 1.03.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.47 EPS. As a group, equities research analysts anticipate that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.10%. The ex-dividend date was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Royal Bank of Canada upped their price target on Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a research note on Friday. Raymond James cut their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Wells Fargo & Company increased their price objective on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley assumed coverage on Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Finally, Sanford C. Bernstein initiated coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target for the company. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $368.83.

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.