Eaton (NYSE:ETN) Reaches New 12-Month High – Time to Buy?

Eaton Co. plc (NYSE:ETN) shares hit a new 52-week high during trading on Monday . The stock traded as high as $345.57 and last traded at $345.15, with a volume of 276855 shares changing hands. The stock had previously closed at $341.39.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ETN shares. Raymond James reduced their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Citigroup started coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Morgan Stanley initiated coverage on Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Finally, Wells Fargo & Company boosted their price target on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Four equities research 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.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $339.47.

Eaton Trading Up 0.9 %

The firm has a market cap of $136.37 billion, a price-to-earnings ratio of 39.91, a P/E/G ratio of 2.58 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The company’s 50 day simple moving average is $310.39 and its 200 day simple moving average is $316.02.

Eaton (NYSE:ETN) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $6.35 billion. As a group, research analysts expect that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Insider Activity at Eaton

In other news, insider Michael Yelton sold 3,136 shares of the stock in a transaction dated 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 owns 3,914 shares in the company, valued at approximately $1,186,411.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 over the last quarter. 0.53% of the stock is owned by insiders.

Institutional Investors Weigh In On Eaton

Several institutional investors and hedge funds have recently made changes to their positions in ETN. Rheos Capital Works Inc. increased its stake in shares of Eaton by 233.3% during the 3rd quarter. Rheos Capital Works Inc. now owns 50,000 shares of the industrial products company’s stock worth $16,572,000 after purchasing an additional 35,000 shares in the last quarter. SPC Financial Inc. increased its position in Eaton by 17.8% during the third quarter. SPC Financial Inc. now owns 11,769 shares of the industrial products company’s stock worth $3,901,000 after buying an additional 1,779 shares in the last quarter. B.O.S.S. Retirement Advisors LLC raised its holdings in shares of Eaton by 18.4% in the third quarter. B.O.S.S. Retirement Advisors LLC now owns 1,270 shares of the industrial products company’s stock worth $421,000 after acquiring an additional 197 shares during the last quarter. Vontobel Holding Ltd. lifted its position in shares of Eaton by 52.6% in the third quarter. Vontobel Holding Ltd. now owns 26,611 shares of the industrial products company’s stock valued at $8,820,000 after acquiring an additional 9,174 shares in the last quarter. Finally, Sumitomo Life Insurance Co. boosted its stake in shares of Eaton by 1.6% during the third quarter. Sumitomo Life Insurance Co. now owns 12,968 shares of the industrial products company’s stock valued at $4,298,000 after acquiring an additional 209 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

About Eaton

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.