Eaton (NYSE:ETN) Trading 0.2% Higher

Eaton Co. plc (NYSE:ETN)’s share price was up 0.2% during mid-day trading on Monday . The company traded as high as $333.29 and last traded at $331.29. Approximately 313,727 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 2,173,983 shares. The stock had previously closed at $330.60.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Morgan Stanley began coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. 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. Wells Fargo & Company cut their target price on shares of 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, Royal Bank of Canada decreased their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $337.41.

Eaton Trading Down 0.1 %

The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The firm’s 50-day simple moving average is $299.93 and its 200 day simple moving average is $312.71. The stock has a market capitalization of $132.05 billion, a P/E ratio of 39.11, a PEG ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping 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 analysts’ expectations of $6.35 billion. Equities research analysts anticipate that Eaton Co. plc will post 10.74 EPS 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 paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Insider Transactions at Eaton

In related news, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 value of $96,721.20. Following the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The disclosure for this sale can be found here. Insiders have sold a total of 52,511 shares of company stock valued at $15,809,326 over the last ninety days. Corporate insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ETN. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Eaton by 35.8% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 48,902 shares of the industrial products company’s stock worth $15,333,000 after buying an additional 12,902 shares during the period. Newbridge Financial Services Group Inc. lifted its holdings in shares of Eaton by 90.3% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,311 shares of the industrial products company’s stock worth $411,000 after buying an additional 622 shares during the last quarter. SS&H Financial Advisors Inc. bought a new stake in shares of Eaton in the second quarter valued at approximately $419,000. Heritage Wealth Management Inc. acquired a new stake in shares of Eaton in the second quarter worth $3,263,000. Finally, Sanctuary Advisors LLC bought a new position in Eaton during the second quarter worth $27,653,000. Institutional investors and hedge funds 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.