Eaton (NYSE:ETN) Reaches New 1-Year Low After Analyst Downgrade

Eaton Co. plc (NYSE:ETN - Get Free Report)'s share price hit a new 52-week low on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $350.00 to $289.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Eaton traded as low as $245.85 and last traded at $246.65, with a volume of 348107 shares changing hands. The stock had previously closed at $260.85.

Other analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Eaton from a "buy" rating to a "hold" rating in a research report on Friday, March 21st. Melius Research reissued a "hold" rating and issued a $373.00 target price on shares of Eaton in a research note on Tuesday, January 28th. KeyCorp decreased their price target on shares of Eaton from $340.00 to $325.00 and set an "overweight" rating for the company in a research report on Tuesday. Citigroup cut their price objective on Eaton from $440.00 to $410.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Finally, Melius cut Eaton from a "buy" rating to a "hold" rating and set a $373.00 price objective on the stock. in a research note on Tuesday, January 28th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $352.79.

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Institutional Investors Weigh In On Eaton

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock worth $12,351,506,000 after buying an additional 99,291 shares during the last quarter. FMR LLC grew its holdings in shares of Eaton by 1.2% during the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock valued at $5,051,807,000 after purchasing an additional 182,455 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Eaton by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock worth $2,714,677,000 after purchasing an additional 129,071 shares during the period. Nuveen Asset Management LLC boosted its position in Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock valued at $1,550,226,000 after purchasing an additional 192,482 shares during the period. Finally, Northern Trust Corp grew its stake in Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock worth $1,518,207,000 after buying an additional 368,241 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Price Performance

The stock has a market capitalization of $98.20 billion, a price-to-earnings ratio of 26.39, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The company has a 50-day simple moving average of $295.28 and a two-hundred day simple moving average of $329.70.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter last year, the business posted $2.55 earnings per share. On average, equities research analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Monday, March 10th were paid a $1.04 dividend. This is a boost from Eaton's previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Monday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.66%. Eaton's dividend payout ratio is presently 43.79%.

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.