Eaton (NYSE:ETN) Shares Down 0.3% – Here’s What Happened

Eaton Co. plc (NYSE:ETN)’s share price traded down 0.3% during mid-day trading on Friday . The company traded as low as $357.41 and last traded at $357.73. 256,477 shares were traded during trading, a decline of 88% from the average session volume of 2,078,399 shares. The stock had previously closed at $358.64.

Analysts Set New Price Targets

ETN has been the topic of several research reports. Mizuho raised their price target on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. UBS Group started coverage on Eaton in a report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target for the company. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and upped their target price for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Finally, Morgan Stanley assumed coverage on Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target on the stock. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $367.83.

Eaton Trading Down 0.7 %

The business’s 50-day simple moving average is $355.79 and its two-hundred day simple moving average is $326.62. The firm has a market capitalization of $140.70 billion, a price-to-earnings ratio of 37.87, a PEG ratio of 2.74 and a beta of 1.03. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter last year, the firm earned $2.47 EPS. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. Equities analysts forecast that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Dividend Announcement

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

Insider Buying and Selling at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares in the company, valued at $11,811,696. The trade was a 4.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Gregory R. Page sold 4,000 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 66,981 shares of company stock valued at $24,100,317 in the last three months. 0.53% of the stock is owned by corporate insiders.

Institutional Trading of Eaton

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in Eaton by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock worth $2,665,342,000 after acquiring an additional 56,516 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Eaton by 0.6% during the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after purchasing an additional 18,077 shares in the last quarter. Franklin Resources Inc. increased its holdings in Eaton by 15.1% in the third quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company’s stock valued at $836,938,000 after buying an additional 316,830 shares during the last quarter. Janus Henderson Group PLC raised its stake in Eaton by 32.8% in the third quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock valued at $801,798,000 after buying an additional 597,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Eaton by 253.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock worth $753,590,000 after buying an additional 1,629,856 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

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.