Morton Community Bank Grows Stock Position in Eaton Co. plc (NYSE:ETN)

Morton Community Bank increased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 2.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,288 shares of the industrial products company’s stock after purchasing an additional 387 shares during the quarter. Eaton accounts for 1.5% of Morton Community Bank’s holdings, making the stock its 8th biggest position. Morton Community Bank’s holdings in Eaton were worth $5,421,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. LifeSteps Financial Inc. bought a new position in shares of Eaton in the 1st quarter valued at about $25,000. Atwood & Palmer Inc. boosted its holdings in shares of Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares during the period. Proffitt & Goodson Inc. acquired a new position in shares of Eaton in the second quarter valued at approximately $29,000. LGT Financial Advisors LLC acquired a new stake in Eaton during the 2nd quarter worth approximately $33,000. Finally, Redmont Wealth Advisors LLC bought a new stake in shares of Eaton in the first quarter valued at about $33,000. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Down 0.3 %

Shares of NYSE:ETN traded down $0.75 during mid-day trading on Friday, hitting $284.97. The company had a trading volume of 2,163,854 shares, compared to its average volume of 2,172,430. The company has a market capitalization of $113.93 billion, a PE ratio of 33.64, a price-to-earnings-growth ratio of 2.35 and a beta of 1.01. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19. The firm has a fifty day moving average price of $302.48 and a 200 day moving average price of $311.18. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. As a group, research analysts forecast that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.32%. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

Insider Activity at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The disclosure for this sale can be found here. In the last three months, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ETN shares. Evercore ISI cut their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Wells Fargo & Company decreased their price objective on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Raymond James initiated coverage on Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 target price on the stock. Barclays upped their price objective on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Jefferies Financial Group boosted their target price on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Four analysts have rated the stock with a hold rating and fourteen have issued 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 $335.76.

Eaton Company 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.