Short Interest in Eaton Co. plc (NYSE:ETN) Grows By 12.1%

Eaton Co. plc (NYSE:ETN) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 4,440,000 shares, an increase of 12.1% from the October 15th total of 3,960,000 shares. Approximately 1.1% of the company’s shares are short sold. Based on an average daily volume of 2,100,000 shares, the short-interest ratio is currently 2.1 days.

Eaton Trading Up 0.4 %

Shares of NYSE ETN traded up $1.00 during midday trading on Friday, hitting $227.80. The company’s stock had a trading volume of 2,035,148 shares, compared to its average volume of 2,070,660. The business’s 50 day moving average is $213.27 and its two-hundred day moving average is $203.90. Eaton has a 12-month low of $150.86 and a 12-month high of $240.44. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.44. The firm has a market cap of $90.96 billion, a P/E ratio of 30.46, a price-to-earnings-growth ratio of 2.18 and a beta of 1.07.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, October 31st. The industrial products company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.34 by $0.13. The business had revenue of $5.88 billion for the quarter, compared to analyst estimates of $5.89 billion. Eaton had a return on equity of 19.49% and a net margin of 13.24%. The business’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.02 earnings per share. As a group, equities research analysts expect that Eaton will post 9.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Monday, November 6th will be given a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, November 3rd. Eaton’s dividend payout ratio (DPR) is presently 46.05%.

Insider Buying and Selling

In related news, insider Thomas B. Okray sold 4,950 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $231.09, for a total transaction of $1,143,895.50. Following the transaction, the insider now owns 7,367 shares in the company, valued at $1,702,440.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Eaton news, insider Thomas B. Okray sold 4,950 shares of Eaton stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $231.09, for a total transaction of $1,143,895.50. Following the completion of the transaction, the insider now owns 7,367 shares in the company, valued at $1,702,440.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Taras G. Jr. Szmagala sold 1,869 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $226.68, for a total transaction of $423,664.92. Following the completion of the transaction, the insider now owns 7,431 shares in the company, valued at approximately $1,684,459.08. The disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.

Institutional Trading of Eaton

A number of large investors have recently modified their holdings of the company. PCA Investment Advisory Services Inc. bought a new position in Eaton during the 2nd quarter worth about $27,000. Marquette Asset Management LLC bought a new position in Eaton in the second quarter worth approximately $28,000. Glass Jacobson Investment Advisors llc purchased a new stake in Eaton during the second quarter worth $29,000. Global Trust Asset Management LLC purchased a new position in shares of Eaton in the 3rd quarter valued at $32,000. Finally, Cornerstone Planning Group LLC bought a new position in shares of Eaton in the 2nd quarter worth $36,000. Hedge funds and other institutional investors own 81.02% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ETN shares. Royal Bank of Canada lifted their price target on shares of Eaton from $215.00 to $220.00 and gave the company a “sector perform” rating in a report on Wednesday, November 1st. HSBC upped their price objective on Eaton from $161.00 to $210.00 and gave the stock a “hold” rating in a report on Thursday, August 31st. Barclays boosted their price target on shares of Eaton from $185.00 to $187.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 1st. Argus boosted their target price on shares of Eaton from $195.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. Finally, Mizuho increased their price target on shares of Eaton from $210.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $219.23.

About Eaton

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.