Eaton (NYSE:ETN) Hits New 1-Year High – Time to Buy?

Eaton Co. plc (NYSE:ETN)’s stock price reached a new 52-week high on Friday . The company traded as high as $374.00 and last traded at $372.17, with a volume of 86352 shares changing hands. The stock had previously closed at $370.95.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Citigroup started coverage on shares of Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 target price on the stock. Bank of America raised their price objective on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company upped their target price on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley initiated coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Finally, Barclays dropped their price objective on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $357.83.

Eaton Stock Up 1.7 %

The firm has a 50-day simple moving average of $342.75 and a 200 day simple moving average of $322.97. The company has a market capitalization of $149.15 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 2.94 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company’s revenue was up 7.9% on a year-over-year basis. During the same period last year, the business posted $2.47 EPS. On average, research analysts predict that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were issued a dividend of $0.94 per share. 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 payout ratio is 40.00%.

Insider Buying and Selling

In other news, insider Michael Yelton sold 3,136 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. This represents a 44.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Dorothy C. Thompson purchased 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold 68,705 shares of company stock valued at $24,516,346 in the last quarter. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

Hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in Eaton by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock worth $2,665,342,000 after buying an additional 56,516 shares during the last quarter. Legal & General Group Plc lifted its stake in Eaton by 0.6% during the second 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 during the last quarter. Janus Henderson Group PLC boosted its holdings in Eaton by 32.8% in the third quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock worth $801,798,000 after purchasing an additional 597,700 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Eaton by 253.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after purchasing an additional 1,629,856 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Eaton by 2.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company’s stock worth $471,370,000 after buying an additional 40,078 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

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.