Eaton Co. plc (NYSE:ETN – Get Free Report) was the target of a large decline in short interest in July. As of July 31st, there was short interest totalling 4,070,000 shares, a decline of 13.8% from the July 15th total of 4,720,000 shares. Based on an average daily volume of 2,140,000 shares, the short-interest ratio is currently 1.9 days. Currently, 1.0% of the company’s stock are short sold.
Insider Buying and Selling at Eaton
In other Eaton news, insider Taras G. Jr. Szmagala sold 2,000 shares of Eaton stock in a transaction on Monday, June 5th. The stock was sold at an average price of $183.93, for a total transaction of $367,860.00. Following the completion of the sale, the insider now directly owns 7,300 shares of the company’s stock, valued at approximately $1,342,689. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Taras G. Jr. Szmagala sold 2,000 shares of the business’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $183.93, for a total value of $367,860.00. Following the completion of the transaction, the insider now directly owns 7,300 shares of the company’s stock, valued at approximately $1,342,689. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Heath B. Monesmith sold 9,831 shares of the business’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $221.12, for a total value of $2,173,830.72. Following the completion of the transaction, the insider now directly owns 57,217 shares of the company’s stock, valued at $12,651,823.04. The disclosure for this sale can be found here. Insiders sold a total of 13,831 shares of company stock valued at $2,935,911 in the last ninety days. Corporate insiders own 0.53% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in ETN. Capital Investment Advisory Services LLC grew its position in Eaton by 3.9% during the 2nd quarter. Capital Investment Advisory Services LLC now owns 1,326 shares of the industrial products company’s stock worth $267,000 after purchasing an additional 50 shares in the last quarter. Strategic Advisors LLC grew its position in Eaton by 0.4% during the 2nd quarter. Strategic Advisors LLC now owns 14,249 shares of the industrial products company’s stock worth $2,865,000 after purchasing an additional 51 shares in the last quarter. American National Bank grew its position in Eaton by 1.8% during the 2nd quarter. American National Bank now owns 2,934 shares of the industrial products company’s stock worth $590,000 after purchasing an additional 52 shares in the last quarter. Valmark Advisers Inc. grew its position in Eaton by 1.1% during the 2nd quarter. Valmark Advisers Inc. now owns 4,813 shares of the industrial products company’s stock worth $968,000 after purchasing an additional 52 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of Eaton by 0.8% during the 2nd quarter. Parallel Advisors LLC now owns 6,240 shares of the industrial products company’s stock valued at $1,255,000 after buying an additional 52 shares during the period. 81.31% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
ETN has been the subject of several recent research reports. Mizuho boosted their price target on Eaton from $210.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Wolfe Research downgraded Eaton from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 11th. Royal Bank of Canada boosted their target price on Eaton from $188.00 to $215.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 2nd. JPMorgan Chase & Co. boosted their target price on Eaton from $178.00 to $185.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 2nd. Finally, Wells Fargo & Company boosted their target price on Eaton from $180.00 to $195.00 in a research note on Monday, July 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $212.08.
Eaton Stock Performance
NYSE ETN opened at $219.06 on Tuesday. The stock has a market capitalization of $87.40 billion, a price-to-earnings ratio of 32.36, a PEG ratio of 2.14 and a beta of 1.12. Eaton has a twelve month low of $129.85 and a twelve month high of $225.76. The company has a current ratio of 1.53, a quick ratio of 0.99 and a debt-to-equity ratio of 0.49. The stock has a 50-day moving average of $202.78 and a 200 day moving average of $180.86.
Eaton (NYSE:ETN – Get Free Report) last announced its earnings results on Tuesday, August 1st. The industrial products company reported $2.21 EPS for the quarter, beating analysts’ consensus estimates of $2.11 by $0.10. Eaton had a return on equity of 19.06% and a net margin of 12.29%. The business had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.76 billion. During the same quarter in the prior year, the firm earned $1.87 earnings per share. The business’s revenue was up 12.5% compared to the same quarter last year. Sell-side analysts anticipate that Eaton will post 8.8 EPS for the current fiscal year.
Eaton Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Monday, August 7th will be given a $0.86 dividend. The ex-dividend date of this dividend is Friday, August 4th. This represents a $3.44 annualized dividend and a yield of 1.57%. Eaton’s payout ratio is 50.81%.
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.