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

Eaton Co. plc (NYSE:ETN)’s stock price fell 0.3% during trading on Monday . The stock traded as low as $353.75 and last traded at $354.87. 284,622 shares were traded during trading, a decline of 86% from the average session volume of 2,074,729 shares. The stock had previously closed at $356.01.

Analyst Ratings Changes

ETN has been the topic of a number of recent analyst reports. Morgan Stanley began coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective on the stock. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and raised their price target for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Barclays upped their price objective on Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Citigroup raised their price target on shares of Eaton from $394.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $367.83.

Eaton Price Performance

The company has a market cap of $140.36 billion, a PE ratio of 37.75, a PEG ratio of 2.74 and a beta of 1.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The stock’s 50-day moving average is $355.79 and its 200 day moving average is $326.58.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter last year, the firm earned $2.47 EPS. The business’s quarterly revenue was up 7.9% on a year-over-year basis. On average, equities analysts anticipate that Eaton Co. plc will post 10.8 earnings per share for the current fiscal 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 given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s payout ratio is 40.00%.

Insiders Place Their Bets

In related news, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the sale, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,981 shares of company stock valued at $24,100,317. 0.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eaton

Several hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in shares of Eaton by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock valued at $2,665,342,000 after purchasing an additional 56,516 shares during the period. Legal & General Group Plc boosted its stake in shares of Eaton by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after acquiring an additional 18,077 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Eaton by 15.1% during the 3rd quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company’s stock valued at $836,938,000 after acquiring an additional 316,830 shares during the period. Janus Henderson Group PLC increased its stake in shares of Eaton by 32.8% in the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock valued at $801,798,000 after purchasing an additional 597,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Eaton by 253.2% during the third 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 purchasing an additional 1,629,856 shares in the last quarter. 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.