Eaton (NYSE:ETN) Shares Down 0.7% - Here's Why

Eaton Co. plc (NYSE:ETN - Get Free Report) shares traded down 0.7% during trading on Wednesday . The company traded as low as $359.05 and last traded at $361.32. 296,617 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 2,101,268 shares. The stock had previously closed at $363.69.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ETN shares. Wolfe Research upgraded Eaton from an "underperform" rating to a "peer perform" rating in a research report on Friday, September 6th. Evercore ISI lowered shares of Eaton from an "outperform" rating to an "inline" rating and lifted their price target for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Citigroup assumed coverage on Eaton in a research report on Monday, September 16th. They set a "buy" rating and a $348.00 target price for the company. Sanford C. Bernstein assumed coverage on Eaton in a research report on Tuesday, November 5th. They set an "outperform" rating and a $382.00 price objective for the company. Finally, UBS Group initiated coverage on Eaton in a report on Wednesday, November 13th. They issued a "buy" rating and a $431.00 target price on the stock. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Eaton currently has a consensus rating of "Moderate Buy" and an average price target of $357.83.

Eaton Trading Down 1.1 %

The firm has a 50 day moving average price of $338.69 and a 200 day moving average price of $322.04. The stock has a market capitalization of $142.21 billion, a PE ratio of 38.44, a P/E/G ratio of 2.85 and a beta of 1.01. 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 - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts' consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm's revenue was up 7.9% on a year-over-year basis. During the same period last year, the firm earned $2.47 earnings per share. Equities analysts expect that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Monday, November 4th. Eaton's dividend payout ratio (DPR) is currently 40.00%.

Insider Buying and Selling at Eaton

In related news, Director Dorothy C. Thompson acquired 2,205 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction on Wednesday, November 6th. The stock was 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 directly owns 506,360 shares in the company, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,705 shares of company stock valued at $24,516,346 over the last three months. 0.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eaton

Hedge funds and other institutional investors have recently modified their holdings of the company. Advisory Resource Group lifted its holdings in shares of Eaton by 10.9% in the 3rd quarter. Advisory Resource Group now owns 4,358 shares of the industrial products company's stock worth $1,444,000 after acquiring an additional 428 shares during the last quarter. Bard Financial Services Inc. bought a new position in shares of Eaton during the third quarter valued at about $255,000. TCW Group Inc. grew its stake in shares of Eaton by 2.5% during the third quarter. TCW Group Inc. now owns 99,395 shares of the industrial products company's stock valued at $32,943,000 after buying an additional 2,451 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in Eaton by 5.8% during the 3rd quarter. TD Private Client Wealth LLC now owns 8,636 shares of the industrial products company's stock valued at $2,862,000 after acquiring an additional 470 shares during the period. Finally, Hobbs Group Advisors LLC increased its stake in Eaton by 14.0% in the 3rd quarter. Hobbs Group Advisors LLC now owns 358 shares of the industrial products company's stock worth $119,000 after purchasing an additional 44 shares during the period. 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.

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