Eaton (NYSE:ETN) Trading Up 1.3% – Here’s What Happened

Eaton Co. plc (NYSE:ETN) was up 1.3% during mid-day trading on Friday . The stock traded as high as $378.45 and last traded at $376.97. Approximately 259,896 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 2,099,606 shares. The stock had previously closed at $371.98.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ETN. Royal Bank of Canada restated an “outperform” rating and set a $374.00 price target on shares of Eaton in a research report on Friday, November 1st. Bank of America upped their target price on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Barclays dropped 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. Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and lifted their target price for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Stock Up 0.9 %

The company’s 50-day simple moving average is $348.37 and its two-hundred day simple moving average is $324.50. The firm has a market cap of $148.37 billion, a PE ratio of 39.94, a PEG ratio of 2.82 and a beta of 1.01. 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 analysts’ consensus estimates of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the previous year, the business earned $2.47 EPS. Eaton’s revenue was up 7.9% compared to the same quarter last year. On average, analysts predict that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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

Insiders Place Their Bets

In other Eaton news, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the transaction, the director now owns 51,422 shares in the company, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased 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 in the company, valued at $662,161.50. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 66,981 shares of company stock worth $24,100,317. 0.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Geode Capital Management LLC grew its holdings in Eaton by 0.7% in the third quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock worth $2,665,342,000 after purchasing an additional 56,516 shares during the period. Legal & General Group Plc increased its position in Eaton by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock valued at $1,005,317,000 after buying an additional 18,077 shares in the last quarter. Franklin Resources Inc. raised its stake in Eaton by 15.1% during the third quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company’s stock valued at $836,938,000 after buying an additional 316,830 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 acquiring an additional 597,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Eaton by 253.2% in 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 worth $753,590,000 after acquiring an additional 1,629,856 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

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.