Eaton (NYSE:ETN) Trading Up 0.5% - Here's What Happened

Eaton Co. plc (NYSE:ETN - Get Free Report)'s share price shot up 0.5% on Tuesday . The stock traded as high as $379.91 and last traded at $378.74. 435,703 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 2,104,608 shares. The stock had previously closed at $376.68.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Mizuho upped 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. 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 report on Wednesday, November 13th. Wells Fargo & Company raised their price objective on shares of Eaton from $315.00 to $342.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Royal Bank of Canada reiterated an "outperform" rating and set a $374.00 target price on shares of Eaton in a report on Friday, November 1st. Finally, UBS Group assumed coverage on Eaton in a research note on Wednesday, November 13th. They issued a "buy" rating and a $431.00 price objective on the stock. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $357.83.

Eaton Stock Performance

The stock's 50-day moving average is $344.15 and its 200 day moving average is $323.22. The stock has a market cap of $149.40 billion, a price-to-earnings ratio of 40.29, a P/E/G ratio of 2.99 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00.

Eaton (NYSE:ETN - Get Free Report) last announced 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 for the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the prior year, the company posted $2.47 earnings per share. Eaton's quarterly revenue was up 7.9% on a year-over-year basis. As a group, analysts predict that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed 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 0.99%. The ex-dividend date of this dividend was Monday, November 4th. Eaton's dividend payout ratio is currently 40.00%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Craig Arnold sold 61,569 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the sale, the insider now owns 506,360 shares of the company's stock, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dorothy C. Thompson acquired 2,205 shares of the company's stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 68,705 shares of company stock valued at $24,516,346. Corporate insiders own 0.33% of the company's stock.

Hedge Funds Weigh In On Eaton

Several hedge funds have recently bought and sold shares of ETN. Price T Rowe Associates Inc. MD raised its stake in Eaton by 1.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 576,657 shares of the industrial products company's stock valued at $180,310,000 after purchasing an additional 8,153 shares during the last quarter. Ascent Group LLC purchased a new position in shares of Eaton during the first quarter valued at approximately $231,000. Bayesian Capital Management LP acquired a new stake in Eaton during the first quarter worth approximately $600,000. Dynasty Wealth Management LLC acquired a new position in Eaton in the 1st quarter valued at $1,007,000. Finally, Castleark Management LLC lifted its stake in shares of Eaton by 181.7% during the 1st quarter. Castleark Management LLC now owns 38,245 shares of the industrial products company's stock worth $11,958,000 after purchasing an additional 24,670 shares during the period. 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.

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