Ledyard National Bank Decreased Stake in Eaton Corp Plc (NYSE:ETN) by $3.28 Million as Shares Rose


Ledyard National Bank decreased its stake in Eaton Corp Plc (NYSE:ETN) by 52.41% based on its latest 2016Q2 regulatory filing with the SEC. Ledyard National Bank sold 52,912 shares as the company’s stock rose 19.80% with the market. The institutional investor held 48,051 shares of the technology company at the end of 2016Q2, valued at $3.01 million, down from 100,963 at the end of the previous reported quarter. Ledyard National Bank who had been investing in Eaton Corp Plc for a number of months, seems to be less bullish one the $29.55 billion market cap company. The stock is down 2.65% or $1.72 after the negative news, hitting $63.27 per share. About 1.72M shares traded hands. Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) has risen 17.93% since February 8, 2016 and is uptrending. It has outperformed by 1.44% the S&P500.

Ledyard National Bank, which manages about $562.92M US Long portfolio, upped its stake in Visa Inc (NYSE:V) by 63,720 shares to 67,590 shares, valued at $5.17M in 2016Q2, according to the filing. It also increased its holding in International Business Machines Corp (NYSE:IBM) by 22,065 shares in the quarter, for a total of 32,321 shares, and has risen its stake in Consumer Staples Select Sector Spdr Etf (XLP).

The institutional sentiment increased to 1.19 in 2016 Q2. Its up 0.10, from 1.09 in 2016Q1. The ratio improved, as 68 funds sold all ETN shares owned while 236 reduced positions. 78 funds bought stakes while 285 increased positions. They now own 324.53 million shares or 1.55% less from 329.64 million shares in 2016Q1.

Speece Thorson Capital Group Inc holds 3.18% of its portfolio in ETN for 245,682 shares. Levin Capital Strategies L.P. owns 2.83 million shares or 3.05% of their US portfolio. Moreover, Hamlin Capital Management Llc has 3.03% invested in the company for 1.05 million shares. The Maine-based Bar Harbor Trust Services has invested 2.75% in the stock. Snow Capital Management Lp, a Pennsylvania-based fund reported 860,970 shares.

Out of 17 analysts covering Eaton Corporation (NYSE:ETN), 3 rate it a “Buy”, 2 “Sell”, while 12 “Hold”. This means 18% are positive. Eaton Corporation has been the topic of 33 analyst reports since September 18, 2015 according to StockzIntelligence Inc. KeyBanc Capital Markets downgraded the stock on September 9 to “Sector Weight” rating. Bernstein maintained the shares of ETN in a report on May 2 with “Market Perform” rating.

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