Eaton Co. plc (NYSE:ETN – Get Free Report) shares dropped 0.7% during mid-day trading on Tuesday after Raymond James lowered their price target on the stock from $375.00 to $365.00. Raymond James currently has an outperform rating on the stock. Eaton traded as low as $286.09 and last traded at $287.42. Approximately 315,678 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 2,159,107 shares. The stock had previously closed at $289.38.
A number of other brokerages also recently commented on ETN. Wells Fargo & Company reduced their target price on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Jefferies Financial Group lifted their price target 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. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday. Morgan Stanley began coverage on Eaton in a research note on Friday. They set an “overweight” rating and a $370.00 target price for the company. Finally, Barclays upped their price target on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $335.18.
Insider Buying and Selling
In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karenann K. Terrell acquired 500 shares of the stock in a transaction dated Wednesday, August 21st. The shares were bought at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the transaction, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The disclosure for this purchase can be found here. Insiders have sold a total of 52,511 shares of company stock valued at $15,809,326 in the last ninety days. Company insiders own 0.53% of the company’s stock.
Institutional Investors Weigh In On Eaton
A number of hedge funds and other institutional investors have recently modified their holdings of ETN. SS&H Financial Advisors Inc. purchased a new position in shares of Eaton in the 2nd quarter valued at about $419,000. Heritage Wealth Management Inc. purchased a new position in Eaton in the second quarter valued at approximately $3,263,000. Sanctuary Advisors LLC acquired a new stake in Eaton during the second quarter worth approximately $27,653,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Eaton during the 2nd quarter worth approximately $182,000. Finally, Dana Investment Advisors Inc. boosted its holdings in shares of Eaton by 1.4% in the 2nd quarter. Dana Investment Advisors Inc. now owns 23,461 shares of the industrial products company’s stock valued at $7,356,000 after buying an additional 334 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.
Eaton Price Performance
The stock’s 50-day moving average is $302.03 and its 200 day moving average is $311.45. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The stock has a market capitalization of $115.26 billion, a PE ratio of 34.04, a P/E/G ratio of 2.19 and a beta of 1.01.
Eaton (NYSE:ETN – Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. As a group, equities analysts expect that Eaton Co. plc will post 10.74 earnings per share for the current year.
Eaton Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.30%. The ex-dividend date was Monday, August 5th. Eaton’s payout ratio is currently 44.39%.
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.