Truist Financial Corp Grows Position in Eaton Co. plc (NYSE:ETN)

Truist Financial Corp grew its stake in Eaton Co. plc (NYSE:ETN) by 3.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 541,854 shares of the industrial products company’s stock after purchasing an additional 15,598 shares during the period. Truist Financial Corp’s holdings in Eaton were worth $130,489,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Tennessee Valley Asset Management Partners acquired a new position in shares of Eaton during the 4th quarter worth approximately $25,000. Valued Wealth Advisors LLC acquired a new position in shares of Eaton during the 4th quarter worth approximately $35,000. Chilton Capital Management LLC acquired a new position in shares of Eaton during the 4th quarter worth approximately $35,000. Authentikos Wealth Advisory LLC acquired a new position in shares of Eaton during the 3rd quarter worth approximately $39,000. Finally, Legacy Financial Group LLC acquired a new position in shares of Eaton during the 3rd quarter worth approximately $43,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Trading Up 2.3 %

Shares of NYSE ETN traded up $7.20 during mid-day trading on Friday, reaching $324.30. 2,305,692 shares of the company’s stock were exchanged, compared to its average volume of 2,383,996. The firm has a market capitalization of $129.56 billion, a price-to-earnings ratio of 40.42, a PEG ratio of 2.63 and a beta of 1.07. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.02 and a current ratio of 1.51. Eaton Co. plc has a 52-week low of $162.04 and a 52-week high of $331.47. The company’s 50-day moving average is $304.82 and its 200-day moving average is $258.28.

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

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date is Friday, May 3rd. Eaton’s dividend payout ratio is presently 46.88%.

Insider Activity at Eaton

In related news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the completion of the transaction, the insider now directly owns 630 shares in the company, valued at approximately $171,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the transaction, the insider now owns 630 shares in the company, valued at approximately $171,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction dated Monday, March 11th. The shares were 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 of the company’s stock, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock worth $10,904,774 in the last three months. 0.53% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ETN shares. Berenberg Bank upped their target price on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Bank of America increased their price objective on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Citigroup increased their price objective on Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. The Goldman Sachs Group increased their price objective on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Finally, Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $286.00 to $371.00 in a research note on Friday, April 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $295.60.

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.