Eaton Co. plc (NYSE:ETN) Sees Significant Decrease in Short Interest

Eaton Co. plc (NYSE:ETN) was the recipient of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 4,590,000 shares, a decrease of 10.7% from the August 31st total of 5,140,000 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average daily volume of 2,460,000 shares, the short-interest ratio is presently 1.9 days.

Analyst Upgrades and Downgrades

ETN has been the subject of several research analyst reports. Raymond James cut their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Royal Bank of Canada reduced their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Citigroup assumed coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price target for the company. Wells Fargo & Company reduced their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Finally, Barclays increased their target price on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $337.41.

Insider Transactions at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock valued at $15,809,326 over the last three months. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

Several large investors have recently added to or reduced their stakes in the stock. LifeSteps Financial Inc. purchased a new stake in shares of Eaton in the first quarter valued at approximately $25,000. Breakwater Investment Management lifted its holdings in shares of Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares during the period. Atwood & Palmer Inc. grew its position in shares of Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after buying an additional 50 shares in the last quarter. Proffitt & Goodson Inc. purchased a new position in shares of Eaton during the second quarter valued at $29,000. Finally, Redmont Wealth Advisors LLC bought a new stake in shares of Eaton in the first quarter valued at about $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Performance

Eaton stock opened at $331.44 on Tuesday. Eaton has a 1-year low of $191.82 and a 1-year high of $345.19. The company’s 50-day moving average is $301.25 and its 200 day moving average is $314.04. The firm has a market capitalization of $132.51 billion, a P/E ratio of 39.13, a price-to-earnings-growth ratio of 2.53 and a beta of 1.01. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Research analysts forecast that Eaton will post 10.75 EPS for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

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.