Busey Bank Decreases Holdings in Eaton Co. plc (NYSE:ETN)

Busey Bank lowered its holdings in Eaton Co. plc (NYSE:ETN) by 1.9% during the fourth quarter, HoldingsChannel reports. The fund owned 11,538 shares of the industrial products company’s stock after selling 229 shares during the period. Busey Bank’s holdings in Eaton were worth $3,829,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Ascent Group LLC boosted its holdings in shares of Eaton by 7.2% in the 2nd quarter. Ascent Group LLC now owns 792 shares of the industrial products company’s stock valued at $248,000 after buying an additional 53 shares in the last quarter. Quarry LP purchased a new position in shares of Eaton during the second quarter worth about $84,000. Dana Investment Advisors Inc. lifted its holdings in shares of Eaton by 1.4% in the 2nd quarter. Dana Investment Advisors Inc. now owns 23,461 shares of the industrial products company’s stock valued at $7,356,000 after purchasing an additional 334 shares during the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Eaton in the 2nd quarter valued at about $182,000. Finally, Sanctuary Advisors LLC acquired a new position in Eaton during the second quarter worth approximately $27,653,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Buying and Selling

In related news, Director Gregory R. Page sold 4,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the transaction, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,981 shares of company stock worth $27,660,117 in the last ninety days. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Melius lowered shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price on the stock. in a research report on Tuesday. Wells Fargo & Company reduced their target price on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Bank of America upped their price objective on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Mizuho lifted their target price on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, UBS Group assumed coverage on shares of Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $369.30.

Eaton Trading Up 1.7 %

Shares of ETN stock opened at $317.90 on Thursday. Eaton Co. plc has a fifty-two week low of $245.65 and a fifty-two week high of $379.99. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The business has a fifty day simple moving average of $351.98 and a 200-day simple moving average of $331.21. The stock has a market cap of $125.63 billion, a P/E ratio of 33.82, a P/E/G ratio of 2.57 and a beta of 1.06.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.47 earnings per share. On average, analysts forecast that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

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.