Eaton (NYSE:ETN) Trading 0.2% Higher

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ETN shares. Evercore ISI decreased their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Morgan Stanley initiated coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Jefferies Financial Group lifted their target price on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Raymond James dropped their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Finally, Royal Bank of Canada lowered their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $337.41.

Eaton Stock Performance

The firm has a market capitalization of $132.05 billion, a P/E ratio of 39.11, a P/E/G ratio of 2.28 and a beta of 1.01. 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 stock’s 50 day moving average is $299.93 and its two-hundred day moving average is $312.71.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. As a group, equities analysts anticipate that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.14%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is 44.39%.

Insider Buying and Selling

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eaton

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ETN. LifeSteps Financial Inc. acquired a new stake in Eaton during the first quarter worth about $25,000. Breakwater Investment Management increased its position in Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares in the last quarter. Atwood & Palmer Inc. lifted its stake in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares during the last quarter. Proffitt & Goodson Inc. bought a new stake in shares of Eaton during the second quarter worth $29,000. Finally, LGT Financial Advisors LLC bought a new position in shares of Eaton in the 2nd quarter valued at $33,000. 82.97% of the stock is 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.