OLD National Bancorp IN Sells 1,199 Shares of Eaton Co. plc (NYSE:ETN)

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

Other institutional investors have also recently made changes to their positions in the company. Tennessee Valley Asset Management Partners bought a new stake in shares of Eaton during the 4th quarter valued at about $25,000. Valued Wealth Advisors LLC bought a new stake in shares of Eaton during the 4th quarter valued at about $35,000. Chilton Capital Management LLC bought a new stake in shares of Eaton during the 4th quarter valued at about $35,000. Authentikos Wealth Advisory LLC bought a new stake in shares of Eaton during the 3rd quarter valued at about $39,000. Finally, Fortitude Family Office LLC bought a new stake in shares of Eaton during the 4th quarter valued at about $46,000. Institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of Eaton stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the transaction, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Heath B. Monesmith sold 13,027 shares of the business’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 transaction, the insider now directly 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 through this link. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The disclosure for this sale can be found here. Insiders have sold a total of 38,969 shares of company stock worth $10,904,774 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Eaton Stock Performance

Shares of ETN opened at $308.18 on Tuesday. The firm has a market cap of $123.12 billion, a PE ratio of 38.43, a PEG ratio of 2.51 and a beta of 1.07. The stock’s fifty day moving average price is $301.39 and its two-hundred day moving average price is $255.94. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02. Eaton Co. plc has a 1 year low of $161.12 and a 1 year high of $331.47.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.08. The firm had revenue of $5.97 billion for 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 business’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.06 earnings per share. On average, equities research analysts forecast that Eaton Co. plc will post 10.28 EPS for the current year.

Eaton Increases Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ETN. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. The Goldman Sachs Group raised their target price on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a report on Friday, March 15th. Citigroup raised their target price on Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Berenberg Bank raised their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Finally, Mizuho raised their target price on Eaton from $300.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and a consensus 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.