Eaton Co. plc (NYSE:ETN) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Eaton Co. plc (NYSE:ETN) have been assigned an average recommendation of “Moderate Buy” from the seventeen brokerages that are currently covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $337.41.

Several brokerages recently weighed in on ETN. Citigroup began coverage on shares of Eaton in a report on Monday. They issued a “buy” rating and a $348.00 price target on the stock. Wells Fargo & Company reduced their target price on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Royal Bank of Canada reduced their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Evercore ISI lowered their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th.

Eaton Price Performance

Shares of ETN opened at $306.55 on Tuesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The company’s fifty day moving average price is $300.31 and its 200-day moving average price is $311.96. Eaton has a 1-year low of $191.82 and a 1-year high of $345.19. The firm has a market capitalization of $122.56 billion, a PE ratio of 36.19, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. On average, equities research analysts predict that Eaton will post 10.74 EPS for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Insider Buying and Selling

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the transaction, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,511 shares of company stock worth $15,809,326. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

A number of institutional investors have recently added to or reduced their stakes in ETN. Congress Wealth Management LLC DE raised its holdings in shares of Eaton by 8.1% during the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after acquiring an additional 5,725 shares during the period. Norden Group LLC purchased a new position in Eaton during the first quarter worth about $2,176,000. Weiss Asset Management LP acquired a new position in Eaton in the 4th quarter valued at about $1,001,000. Prospector Partners LLC grew its stake in shares of Eaton by 0.6% in the 4th quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock valued at $17,172,000 after buying an additional 415 shares during the period. Finally, Griffin Asset Management Inc. acquired a new stake in shares of Eaton during the 1st quarter worth approximately $813,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

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.