Eaton (NYSE:ETN) Shares Down 1%

Shares of Eaton Co. plc (NYSE:ETN) fell 1% during mid-day trading on Monday . The stock traded as low as $302.37 and last traded at $302.78. 421,724 shares traded hands during trading, a decline of 80% from the average session volume of 2,160,226 shares. The stock had previously closed at $305.80.

Analyst Ratings Changes

Several research firms have recently issued reports on ETN. Citigroup began coverage on shares of Eaton in a report on Monday. They set a “buy” rating and a $348.00 target price for the company. Barclays lifted their target price on shares of Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Raymond James lowered their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Evercore ISI lowered their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Finally, Wells Fargo & Company lowered their target price on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $337.41.

Eaton Stock Performance

The business’s 50-day moving average price is $300.17 and its 200-day moving average price is $312.08. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The stock has a market cap of $125.80 billion, a P/E ratio of 37.26, a P/E/G ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last issued 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 net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. As a group, sell-side analysts expect that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is 44.39%.

Insider Buying and Selling

In related 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 of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related 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 of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Karenann K. Terrell bought 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average cost of $298.97 per share, with a total value of $149,485.00. Following the acquisition, the director now directly owns 500 shares in the company, valued at approximately $149,485. The disclosure for this purchase can be found here. In the last quarter, insiders sold 52,511 shares of company stock valued at $15,809,326. Company insiders own 0.53% of the company’s stock.

Institutional Trading of Eaton

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Eaton by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after purchasing an additional 259,615 shares in the last quarter. Coatue Management LLC lifted its stake in Eaton by 5.2% in the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after purchasing an additional 195,809 shares in the last quarter. Legal & General Group Plc lifted its stake in Eaton by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after purchasing an additional 18,077 shares in the last quarter. Capital World Investors raised its position in shares of Eaton by 323.8% during the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after buying an additional 2,439,270 shares in the last quarter. Finally, TD Asset Management Inc raised its position in shares of Eaton by 19.9% during the 4th quarter. TD Asset Management Inc now owns 2,029,795 shares of the industrial products company’s stock valued at $488,815,000 after buying an additional 337,351 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

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.