Eaton (NYSE:ETN) Shares Down 0.3% – Here’s What Happened

Eaton Co. plc (NYSE:ETN) was down 0.3% during mid-day trading on Monday . The stock traded as low as $353.75 and last traded at $354.87. Approximately 284,622 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 2,074,729 shares. The stock had previously closed at $356.01.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Citigroup boosted their price objective on shares of Eaton from $394.00 to $440.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Bank of America upped their price target on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Sanford C. Bernstein initiated coverage on Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 target price for the company. Finally, Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and lifted their price target for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $367.83.

Eaton Trading Down 2.3 %

The company has a market cap of $137.11 billion, a price-to-earnings ratio of 36.91, a price-to-earnings-growth ratio of 2.74 and a beta of 1.03. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The company’s fifty day moving average price is $356.43 and its two-hundred day moving average price is $326.83.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business’s revenue was up 7.9% on a year-over-year basis. During the same period last year, the firm posted $2.47 EPS. Research analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders 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 1.08%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio is currently 40.00%.

Insider Buying and Selling at Eaton

In other news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the sale, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the sale, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,981 shares of company stock worth $27,660,117. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Eaton

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. boosted its position in shares of Eaton by 48.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock worth $13,533,000 after purchasing an additional 13,497 shares during the last quarter. Interval Partners LP lifted its stake in Eaton by 82.7% in the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock valued at $47,571,000 after buying an additional 68,693 shares during the period. Scientech Research LLC boosted its holdings in Eaton by 285.5% during the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock worth $1,801,000 after buying an additional 4,254 shares during the last quarter. Wolverine Asset Management LLC bought a new stake in shares of Eaton in the 3rd quarter valued at about $1,160,000. Finally, Heritage Wealth Management Inc. acquired a new stake in shares of Eaton in the 2nd quarter valued at approximately $3,263,000. 82.97% of the stock is owned by institutional investors.

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.