M&T Bank Corp Sells 14,398 Shares of Eaton Co. plc (NYSE:ETN)

M&T Bank Corp decreased its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 12.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 103,202 shares of the industrial products company's stock after selling 14,398 shares during the quarter. M&T Bank Corp's holdings in Eaton were worth $34,206,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Strategic Wealth Partners Ltd. raised its stake in shares of Eaton by 3.0% during the third quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company's stock valued at $340,000 after purchasing an additional 30 shares in the last quarter. Fairfield Financial Advisors LTD raised its stake in shares of Eaton by 16.2% during the third quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company's stock valued at $71,000 after purchasing an additional 30 shares in the last quarter. Legacy Capital Group California Inc. raised its stake in shares of Eaton by 1.2% during the second quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company's stock valued at $870,000 after purchasing an additional 32 shares in the last quarter. Venturi Wealth Management LLC raised its stake in shares of Eaton by 2.1% during the third quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company's stock valued at $513,000 after purchasing an additional 32 shares in the last quarter. Finally, Well Done LLC raised its stake in shares of Eaton by 1.3% during the second quarter. Well Done LLC now owns 2,551 shares of the industrial products company's stock valued at $800,000 after purchasing an additional 33 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Eaton Stock Down 1.5 %

NYSE:ETN traded down $5.51 on Tuesday, hitting $358.55. 1,891,098 shares of the company's stock traded hands, compared to its average volume of 2,088,361. 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 1 year low of $231.84 and a 1 year high of $379.99. The firm has a 50-day moving average price of $353.40 and a 200-day moving average price of $325.99. The company has a market cap of $141.70 billion, a PE ratio of 38.14, a price-to-earnings-growth ratio of 2.81 and a beta of 1.03.

Eaton (NYSE:ETN - Get Free Report) last released its 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 company had revenue of $6.35 billion for the quarter, compared to analysts' expectations of $6.37 billion. During the same quarter in the previous year, the business posted $2.47 EPS. The business's revenue for the quarter was up 7.9% on a year-over-year basis. Equities analysts anticipate that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were paid a $0.94 dividend. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. Eaton's payout ratio is 40.00%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Eaton from $315.00 to $342.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Jefferies Financial Group boosted their price target on shares of Eaton from $400.00 to $440.00 and gave the stock a "buy" rating in a research report on Friday. Bank of America boosted their price target on shares of Eaton from $350.00 to $410.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. UBS Group initiated coverage on shares of Eaton in a research report on Wednesday, November 13th. They issued a "buy" rating and a $431.00 price target on the stock. Finally, Morgan Stanley initiated coverage on shares of Eaton in a research report on Friday, September 6th. They issued an "overweight" rating and a $370.00 price target on the stock. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Eaton has an average rating of "Moderate Buy" and an average price target of $367.83.

Insider Activity at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now directly owns 506,360 shares in the company, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gregory R. Page sold 4,000 shares of the company's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the transaction, the director now owns 51,422 shares of the company's stock, valued at approximately $17,241,796.60. This trade represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,981 shares of company stock valued at $24,100,317. 0.53% of the stock is owned by corporate insiders.

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.