Eaton Co. PLC (ETN) Shares Bought by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. grew its stake in shares of Eaton Co. PLC (NYSE:ETN) by 20.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 252,010 shares of the industrial products company’s stock after purchasing an additional 42,562 shares during the quarter. Cullen Frost Bankers Inc. owned 0.06% of Eaton worth $20,257,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Financial Gravity Wealth Inc. acquired a new position in Eaton in the first quarter valued at approximately $25,000. Highwater Wealth Management LLC acquired a new position in Eaton in the fourth quarter valued at approximately $26,000. Athena Capital Advisors LLC acquired a new position in Eaton in the fourth quarter valued at approximately $27,000. Bremer Trust National Association acquired a new position in Eaton in the fourth quarter valued at approximately $29,000. Finally, Legacy Financial Advisors Inc. boosted its stake in Eaton by 53.9% in the fourth quarter. Legacy Financial Advisors Inc. now owns 454 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 159 shares during the period. Institutional investors own 77.87% of the company’s stock.

A number of equities analysts have commented on the company. Robert W. Baird set a $89.00 target price on Eaton and gave the company a “buy” rating in a research note on Saturday, February 2nd. Bank of America downgraded Eaton from a “buy” rating to a “neutral” rating and set a $88.00 target price for the company. in a research note on Thursday, April 4th. Morgan Stanley set a $82.00 price objective on Eaton and gave the stock a “hold” rating in a research report on Saturday, February 2nd. Wells Fargo & Co boosted their price objective on Eaton from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded Eaton from a “hold” rating to a “sell” rating in a research report on Tuesday, January 29th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $86.79.

In other Eaton news, insider Curtis J. Hutchins sold 12,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $80.60, for a total value of $967,200.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Joao V. Faria sold 4,301 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $80.00, for a total value of $344,080.00. Following the completion of the transaction, the insider now directly owns 58,688 shares in the company, valued at approximately $4,695,040. The disclosure for this sale can be found here. Insiders sold 34,890 shares of company stock worth $2,809,633 in the last ninety days. 0.70% of the stock is owned by corporate insiders.

ETN traded up $0.36 during trading on Friday, reaching $77.39. The stock had a trading volume of 1,571,323 shares, compared to its average volume of 2,450,437. The company has a market capitalization of $33.81 billion, a price-to-earnings ratio of 14.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.47. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.47 and a quick ratio of 0.92. Eaton Co. PLC has a 1-year low of $64.46 and a 1-year high of $89.46.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, April 30th. The industrial products company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.38 billion. Eaton had a return on equity of 14.56% and a net margin of 10.06%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.10 earnings per share. Equities analysts expect that Eaton Co. PLC will post 5.89 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 3rd were issued a $0.71 dividend. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $2.84 annualized dividend and a dividend yield of 3.67%. Eaton’s dividend payout ratio is currently 52.69%.

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About Eaton

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.

Further Reading: 52-Week High/Low

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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