Atlantic Union Bankshares Corp Has $9.69 Million Stock Holdings in Eaton Co. plc (NYSE:ETN)

Atlantic Union Bankshares Corp reduced its stake in Eaton Co. plc (NYSE:ETN) by 1.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,228 shares of the industrial products company’s stock after selling 548 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Eaton were worth $9,687,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Northwest & Ethical Investments L.P. boosted its stake in shares of Eaton by 7.4% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 13,664 shares of the industrial products company’s stock valued at $4,529,000 after purchasing an additional 947 shares during the last quarter. Vinva Investment Management Ltd lifted its holdings in Eaton by 52.6% in the third quarter. Vinva Investment Management Ltd now owns 18,117 shares of the industrial products company’s stock valued at $5,951,000 after buying an additional 6,244 shares during the period. Financial Counselors Inc. raised its position in shares of Eaton by 1.1% in the 3rd quarter. Financial Counselors Inc. now owns 182,663 shares of the industrial products company’s stock worth $60,542,000 after acquiring an additional 2,049 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Eaton by 253.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after purchasing an additional 1,629,856 shares during the period. Finally, Public Sector Pension Investment Board boosted its position in shares of Eaton by 11.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 465,065 shares of the industrial products company’s stock valued at $154,141,000 after purchasing an additional 46,720 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insider Activity at Eaton

In other Eaton news, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 66,981 shares of company stock valued at $24,100,317 over the last ninety days. Insiders own 0.53% of the company’s stock.

Eaton Price Performance

ETN opened at $371.98 on Friday. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $379.99. The stock has a 50-day moving average price of $347.47 and a 200-day moving average price of $324.22. The firm has a market cap of $147.01 billion, a PE ratio of 39.57, a P/E/G ratio of 2.82 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.47 earnings per share. Sell-side analysts predict that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date was Monday, November 4th. Eaton’s payout ratio is currently 40.00%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ETN. UBS Group assumed coverage on Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target on the stock. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and lifted their price target for the company from $333.00 to $389.00 in a research note on Wednesday, November 13th. Wells Fargo & Company increased their price objective on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Raymond James decreased their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Finally, Sanford C. Bernstein began coverage on Eaton in a report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target on the stock. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

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.