Eaton (NYSE:ETN) Hits New 12-Month High - Here's Why

Eaton Co. plc (NYSE:ETN - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $374.00 and last traded at $372.17, with a volume of 86352 shares trading hands. The stock had previously closed at $370.95.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ETN shares. Raymond James reduced their price objective on shares of Eaton from $375.00 to $365.00 and set an "outperform" rating on the stock in a research note on Monday, September 9th. Royal Bank of Canada reiterated an "outperform" rating and set a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. Barclays cut their target price on Eaton from $327.00 to $320.00 and set an "equal weight" rating on the stock in a research report on Friday, November 1st. Mizuho boosted their price target on Eaton from $365.00 to $385.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Finally, UBS Group started coverage on shares of Eaton in a research note on Wednesday, November 13th. They issued a "buy" rating and a $431.00 price objective for the company. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Eaton presently has a consensus rating of "Moderate Buy" and a consensus price target of $357.83.

Eaton Price Performance

The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The business's 50-day moving average is $342.75 and its two-hundred day moving average is $323.00. The company has a market capitalization of $149.15 billion, a P/E ratio of 40.15, a price-to-earnings-growth ratio of 2.89 and a beta of 1.01.

Eaton (NYSE:ETN - Get Free Report) last announced its earnings results 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. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company's revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.47 EPS. As a group, analysts predict that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently announced 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. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Monday, November 4th. Eaton's dividend payout ratio is currently 40.00%.

Insider Activity at Eaton

In other Eaton news, insider Michael Yelton sold 3,136 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. This trade represents a 44.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the transaction, the director now owns 2,205 shares of the company's stock, valued at approximately $662,161.50. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 68,705 shares of company stock worth $24,516,346. Insiders own 0.53% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ETN. Breakwater Investment Management lifted its position in 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 purchasing an additional 78 shares during the last quarter. Proffitt & Goodson Inc. bought a new stake in shares of Eaton during the 2nd quarter worth $29,000. Groupama Asset Managment grew its position in Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company's stock worth $31,000 after acquiring an additional 4,298 shares in the last quarter. LGT Financial Advisors LLC bought a new position in Eaton in the second quarter valued at $33,000. Finally, Morse Asset Management Inc purchased a new stake in Eaton during the third quarter valued at about $33,000. 82.97% of the stock is owned by 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.