M&T Bank Corp Reduces Stock Holdings in Eaton Co. plc (NYSE:ETN)

M&T Bank Corp cut its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 12.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 103,202 shares of the industrial products company's stock after selling 14,398 shares during the period. M&T Bank Corp's holdings in Eaton were worth $34,206,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Eaton by 253.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company's stock worth $753,590,000 after purchasing an additional 1,629,856 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of Eaton by 27,075.5% during the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company's stock worth $355,959,000 after buying an additional 1,070,024 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Eaton by 32.8% during the third quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company's stock valued at $801,798,000 after buying an additional 597,700 shares during the last quarter. Wulff Hansen & CO. increased its position in shares of Eaton by 31,255.0% in the 2nd quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company's stock valued at $149,928,000 after acquiring an additional 476,639 shares during the period. Finally, Electron Capital Partners LLC raised its stake in Eaton by 8,348.9% in the 2nd quarter. Electron Capital Partners LLC now owns 446,524 shares of the industrial products company's stock worth $140,008,000 after acquiring an additional 441,239 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Buying and Selling at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the sale, the insider now owns 31,200 shares in the company, valued at approximately $11,811,696. This represents a 4.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory R. Page sold 4,000 shares of the business'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 in the company, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,981 shares of company stock valued at $27,660,117 over the last quarter. 0.33% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ETN has been the topic of several research analyst reports. Royal Bank of Canada reiterated an "outperform" rating and set a $374.00 price target on shares of Eaton in a research note on Friday, November 1st. Evercore ISI lowered Eaton from an "outperform" rating to an "inline" rating and upped their target price for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Citigroup raised their price target on shares of Eaton from $394.00 to $440.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. UBS Group began coverage on shares of Eaton in a report on Wednesday, November 13th. They issued a "buy" rating and a $431.00 price objective on the stock. Finally, Wolfe Research raised shares of Eaton from an "underperform" rating to a "peer perform" rating in a report on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $367.83.

Eaton Stock Up 0.7 %

Eaton stock opened at $338.12 on Friday. Eaton Co. plc has a 12 month low of $231.84 and a 12 month high of $379.99. The stock has a market capitalization of $133.63 billion, a PE ratio of 35.97, a price-to-earnings-growth ratio of 2.74 and a beta of 1.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The business has a 50 day simple moving average of $356.28 and a 200-day simple moving average of $327.04.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share 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 during the quarter, compared to analysts' expectations of $6.37 billion. During the same period in the prior year, the business posted $2.47 earnings per share. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. On average, analysts anticipate that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.11%. Eaton's dividend payout ratio (DPR) is currently 40.00%.

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.