Eaton (NYSE:ETN) Trading Down 0.3% – Here’s Why

Eaton Co. plc (NYSE:ETN) shares were down 0.3% on Monday . The company traded as low as $373.80 and last traded at $374.28. Approximately 211,967 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 2,094,705 shares. The stock had previously closed at $375.42.

Analysts Set New Price Targets

Several research firms have recently weighed in on ETN. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and increased their price target for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Barclays reduced their price target on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Bank of America lifted their target price on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company raised their target price on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Morgan Stanley began coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Four 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 an average rating of “Moderate Buy” and an average price target of $357.83.

Eaton Price Performance

The firm has a market cap of $148.09 billion, a P/E ratio of 39.82, a price-to-earnings-growth ratio of 2.84 and a beta of 1.01. The business has a 50-day simple moving average of $348.37 and a 200 day simple moving average of $324.41. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion for 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%. Eaton’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.47 earnings per share. On average, analysts anticipate that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is 40.00%.

Insider Buying and Selling

In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’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 directly owns 31,200 shares in the company, valued at approximately $11,811,696. This represents a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,981 shares of company stock valued at $24,100,317 over the last 90 days. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

Several institutional investors and hedge funds have recently modified their holdings of the stock. Strategic Wealth Partners Ltd. boosted its position in Eaton by 3.0% in the third quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock valued at $340,000 after buying an additional 30 shares during the last quarter. Fairfield Financial Advisors LTD raised its holdings in shares of Eaton by 16.2% during the third quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock worth $71,000 after purchasing an additional 30 shares during the last quarter. Legacy Capital Group California Inc. boosted its holdings in Eaton by 1.2% in the second quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock valued at $870,000 after purchasing an additional 32 shares during the last quarter. Venturi Wealth Management LLC grew its position in Eaton by 2.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock worth $513,000 after purchasing an additional 32 shares during the period. Finally, Well Done LLC raised its stake in shares of Eaton by 1.3% during the 2nd quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock valued at $800,000 after buying an additional 33 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

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.