Eaton (NYSE:ETN) Stock Price Up 0.9% – Here’s What Happened

Eaton Co. plc (NYSE:ETN)’s stock price was up 0.9% on Wednesday . The company traded as high as $378.47 and last traded at $377.25. Approximately 310,278 shares changed hands during trading, a decline of 85% from the average daily volume of 2,087,479 shares. The stock had previously closed at $373.75.

Analysts Set New Price Targets

Several research analysts have issued reports on ETN shares. Barclays upped their price target on Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a report on Thursday. Royal Bank of Canada reiterated an “outperform” rating and set a $374.00 price target on shares of Eaton in a report on Friday, November 1st. Wells Fargo & Company raised their price objective on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Citigroup began coverage on shares of Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 target price for the company. Finally, Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and upped their price target for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $362.72.

Eaton Stock Down 1.7 %

The firm has a market capitalization of $146.64 billion, a price-to-earnings ratio of 39.47, a price-to-earnings-growth ratio of 2.83 and a beta of 1.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The business’s 50 day moving average is $351.88 and its 200-day moving average is $325.70.

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

Eaton Dividend Announcement

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

Insider Activity at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares of the company’s stock, valued at $11,811,696. This represents a 4.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now directly owns 51,422 shares in the company, valued at $17,241,796.60. The trade was a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,981 shares of company stock worth $24,100,317 in the last ninety days. 0.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eaton

A number of hedge funds and other institutional investors have recently made changes to their positions in ETN. Breakwater Investment Management lifted its stake in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the period. Proffitt & Goodson Inc. bought a new position in shares of Eaton during the 2nd quarter worth approximately $29,000. Groupama Asset Managment grew its position in Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 4,298 shares during the period. LGT Financial Advisors LLC acquired a new position in Eaton during the second quarter worth $33,000. Finally, Morse Asset Management Inc acquired a new stake in shares of Eaton in the 3rd quarter valued at $33,000. 82.97% of the stock is owned by institutional investors.

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.