Eaton (NYSE:ETN) Reaches New 1-Year High – What’s Next?

Eaton Co. plc (NYSE:ETN)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $358.20 and last traded at $357.52, with a volume of 212514 shares traded. The stock had previously closed at $337.48.

Analyst Upgrades and Downgrades

Several research firms recently commented on ETN. Morgan Stanley started coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective on the stock. Raymond James lowered their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Wells Fargo & Company lifted their price target on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Sanford C. Bernstein assumed coverage on shares of Eaton in a report on Tuesday. They set an “outperform” rating and a $382.00 price target on the stock. Finally, Mizuho lifted their price objective on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $343.28.

Eaton Stock Up 6.4 %

The company has a market capitalization of $141.95 billion, a PE ratio of 35.91, a price-to-earnings-growth ratio of 2.55 and a beta of 1.01. The company’s fifty day moving average is $324.60 and its 200-day moving average is $318.76. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping 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 net margin of 15.32% and a return on equity of 21.97%. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.47 earnings per share. As a group, analysts predict that Eaton Co. plc will post 10.78 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.05%. Eaton’s payout ratio is 40.00%.

Insider Buying and Selling at Eaton

In other news, Director Gregory R. Page sold 4,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the transaction, the director now directly owns 51,422 shares in the company, valued at approximately $17,241,796.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction on Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the transaction, the director now directly owns 51,422 shares of the company’s stock, valued at $17,241,796.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,511 shares of company stock worth $17,150,526 in the last quarter. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eaton

Several institutional investors have recently made changes to their positions in the company. Breakwater Investment Management boosted its position in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares during the period. Proffitt & Goodson Inc. purchased a new stake in Eaton in the second quarter worth $29,000. LGT Financial Advisors LLC bought a new stake in shares of Eaton during the second quarter worth $33,000. West Financial Advisors LLC bought a new stake in Eaton during the 3rd quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new position in Eaton in the 2nd quarter worth about $37,000. 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.