Canandaigua National Bank & Trust Co. Lowers Position in Eaton Co. plc (NYSE:ETN)

Canandaigua National Bank & Trust Co. trimmed its position in shares of Eaton Co. plc (NYSE:ETN) by 10.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,400 shares of the industrial products company’s stock after selling 909 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Eaton were worth $2,456,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in ETN. B. Riley Wealth Advisors Inc. increased its position in shares of Eaton by 48.9% during the third quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock valued at $13,533,000 after acquiring an additional 13,497 shares during the last quarter. Interval Partners LP raised its stake in shares of Eaton by 82.7% during the 2nd quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock worth $47,571,000 after purchasing an additional 68,693 shares during the period. Scientech Research LLC increased its holdings in Eaton by 285.5% during the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock worth $1,801,000 after buying an additional 4,254 shares during the last quarter. Wolverine Asset Management LLC bought a new stake in Eaton in the third quarter worth about $1,160,000. Finally, Heritage Wealth Management Inc. bought a new position in shares of Eaton during the 2nd quarter valued at approximately $3,263,000. Institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other Eaton news, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the transaction, the director now owns 51,422 shares in the company, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction that occurred 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 sale, the insider now directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,981 shares of company stock worth $27,660,117. 0.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ETN shares. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and lifted their price objective for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Barclays lifted their price objective on shares of Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Jefferies Financial Group raised their price target on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Mizuho boosted their price objective on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Citigroup lifted their target price on Eaton from $394.00 to $440.00 and gave the company a “buy” rating in a report on Monday, December 9th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $368.83.

Eaton Price Performance

Shares of ETN stock traded up $5.81 during trading hours on Monday, hitting $348.39. 2,556,342 shares of the company’s stock were exchanged, compared to its average volume of 2,069,781. The company has a market capitalization of $137.68 billion, a PE ratio of 37.06, a PEG ratio of 2.74 and a beta of 1.06. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 12-month low of $234.20 and a 12-month high of $379.99. The business’s 50 day simple moving average is $354.67 and its 200-day simple moving average is $328.11.

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

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s payout ratio is 40.00%.

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.