OLD National Bancorp IN Cuts Holdings in Eaton Co. plc (NYSE:ETN)

OLD National Bancorp IN trimmed its position in shares of Eaton Co. plc (NYSE:ETN) by 14.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,871 shares of the industrial products company’s stock after selling 1,199 shares during the quarter. OLD National Bancorp IN’s holdings in Eaton were worth $1,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Meeder Asset Management Inc. lifted its holdings in shares of Eaton by 3.3% during the 4th quarter. Meeder Asset Management Inc. now owns 1,315 shares of the industrial products company’s stock valued at $317,000 after buying an additional 42 shares during the period. Amarillo National Bank lifted its holdings in shares of Eaton by 3.5% during the 4th quarter. Amarillo National Bank now owns 1,270 shares of the industrial products company’s stock valued at $306,000 after buying an additional 43 shares during the period. Red Spruce Capital LLC lifted its holdings in shares of Eaton by 0.3% during the 4th quarter. Red Spruce Capital LLC now owns 17,522 shares of the industrial products company’s stock valued at $4,220,000 after buying an additional 45 shares during the period. GSG Advisors LLC lifted its holdings in shares of Eaton by 2.1% during the 4th quarter. GSG Advisors LLC now owns 2,227 shares of the industrial products company’s stock valued at $519,000 after buying an additional 46 shares during the period. Finally, Quent Capital LLC lifted its holdings in shares of Eaton by 3.8% during the 4th quarter. Quent Capital LLC now owns 1,334 shares of the industrial products company’s stock valued at $321,000 after buying an additional 49 shares during the period. 82.97% of the stock is owned by institutional investors.

Eaton Trading Up 1.7 %

Shares of Eaton stock opened at $308.18 on Tuesday. The firm has a market cap of $123.12 billion, a price-to-earnings ratio of 38.43, a PEG ratio of 2.51 and a beta of 1.07. Eaton Co. plc has a twelve month low of $161.12 and a twelve month high of $331.47. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $301.39 and a 200-day moving average price of $255.94.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 EPS for the quarter, topping the consensus estimate of $2.47 by $0.08. The company had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The firm’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the business posted $2.06 earnings per share. Equities research analysts anticipate that Eaton Co. plc will post 10.28 EPS for the current fiscal year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 11th were given a $0.94 dividend. The ex-dividend date of this dividend was Friday, March 8th. This represents a $3.76 annualized dividend and a yield of 1.22%. This is a positive change from Eaton’s previous quarterly dividend of $0.86. Eaton’s dividend payout ratio (DPR) is currently 46.88%.

Insider Buying and Selling

In related news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the sale, the insider now owns 630 shares of the company’s stock, valued at $171,360. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the sale, the insider now directly owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,969 shares of company stock worth $10,904,774. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ETN shares. Wolfe Research reaffirmed an “underperform” rating and issued a $312.00 target price on shares of Eaton in a report on Monday, April 8th. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. Mizuho raised their target price on Eaton from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. The Goldman Sachs Group raised their target price on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, Bank of America raised their target price on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, March 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $295.60.

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.