Cadence Bank Trims Stock Holdings in Eaton Co. plc (NYSE:ETN)

Cadence Bank lessened its holdings in Eaton Co. plc (NYSE:ETN) by 5.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,742 shares of the industrial products company’s stock after selling 621 shares during the quarter. Cadence Bank’s holdings in Eaton were worth $3,560,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ETN. Breakwater Investment Management increased its stake in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares during the period. Proffitt & Goodson Inc. bought a new stake in shares of Eaton during the second quarter valued at approximately $29,000. LGT Financial Advisors LLC purchased a new stake in shares of Eaton in the second quarter valued at approximately $33,000. West Financial Advisors LLC bought a new position in Eaton in the third quarter worth approximately $35,000. Finally, DT Investment Partners LLC purchased a new position in Eaton during the 3rd quarter worth $37,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ETN shares. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and upped their target price for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Raymond James dropped their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Mizuho boosted their price target on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Barclays dropped their price objective on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Finally, Sanford C. Bernstein began coverage on shares of Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Insider Buying and Selling at Eaton

In other news, Director Dorothy C. Thompson bought 2,205 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now directly owns 2,205 shares in the company, valued at $662,161.50. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the 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 $1,186,411.68. This trade represents a 44.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,117 shares of company stock valued at $25,050,901. 0.33% of the stock is owned by insiders.

Eaton Trading Up 0.1 %

NYSE:ETN opened at $377.23 on Wednesday. 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 firm has a fifty day simple moving average of $345.46 and a 200-day simple moving average of $323.55. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $379.99. The company has a market capitalization of $149.08 billion, a P/E ratio of 40.13, a PEG ratio of 2.99 and a beta of 1.01.

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, beating the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the previous year, the business earned $2.47 EPS. The company’s quarterly 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is currently 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.