Eaton (NYSE:ETN) Shares Down 0.9% – Here’s Why

Eaton Co. plc (NYSE:ETN)’s share price dropped 0.9% during mid-day trading on Thursday . The stock traded as low as $358.08 and last traded at $358.74. Approximately 254,266 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 2,082,107 shares. The stock had previously closed at $361.91.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ETN shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $374.00 price objective on shares of Eaton in a report on Friday, November 1st. Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and increased their price target for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. UBS Group assumed coverage on Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective on the stock. Citigroup increased their target price on Eaton from $394.00 to $440.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $367.83.

Eaton Trading Down 0.7 %

The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The business’s fifty day simple moving average is $355.79 and its 200 day simple moving average is $326.70. The stock has a market cap of $140.76 billion, a P/E ratio of 37.89, a price-to-earnings-growth ratio of 2.74 and a beta of 1.03.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion for 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 firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the business earned $2.47 earnings per share. As a group, analysts expect that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.06%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insiders Place Their Bets

In related news, Director Gregory R. Page sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were 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 owns 51,422 shares in the company, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction on Monday, November 25th. The stock was sold at an average price of $378.58, for a total transaction of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. This represents a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,981 shares of company stock worth $24,100,317. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several institutional investors have recently modified their holdings of ETN. Brookstone Capital Management boosted its holdings in shares of Eaton by 88.6% in the second quarter. Brookstone Capital Management now owns 2,593 shares of the industrial products company’s stock valued at $808,000 after buying an additional 1,218 shares during the period. ARS Wealth Advisors Group LLC bought a new position in Eaton during the 2nd quarter worth about $431,000. Marshall Financial Group LLC raised its stake in shares of Eaton by 10.4% in the 2nd quarter. Marshall Financial Group LLC now owns 2,594 shares of the industrial products company’s stock valued at $813,000 after purchasing an additional 244 shares during the period. Chapin Davis Inc. raised its stake in shares of Eaton by 22.4% in the 2nd quarter. Chapin Davis Inc. now owns 10,692 shares of the industrial products company’s stock valued at $3,352,000 after purchasing an additional 1,955 shares during the period. Finally, Chesley Taft & Associates LLC lifted its holdings in shares of Eaton by 7.2% in the second quarter. Chesley Taft & Associates LLC now owns 9,388 shares of the industrial products company’s stock valued at $2,944,000 after purchasing an additional 628 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

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.