Eaton Co. plc (NYSE:ETN) Short Interest Update

Eaton Co. plc (NYSE:ETN - Get Free Report) was the target of a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 4,950,000 shares, a growth of 7.6% from the July 31st total of 4,600,000 shares. Currently, 1.3% of the shares of the company are sold short. Based on an average trading volume of 2,450,000 shares, the short-interest ratio is currently 2.0 days.

Eaton Stock Up 1.9 %

NYSE:ETN traded up $5.84 during mid-day trading on Monday, reaching $306.93. The stock had a trading volume of 2,320,200 shares, compared to its average volume of 2,169,084. The business's 50 day moving average is $305.11 and its 200 day moving average is $310.91. Eaton has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The stock has a market cap of $122.71 billion, a P/E ratio of 36.24, a PEG ratio of 2.35 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07.

Eaton (NYSE:ETN - Get Free Report) last announced its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.61 by $0.12. The firm had revenue of $6.35 billion during the quarter, compared to analysts' expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. As a group, sell-side analysts predict that Eaton will post 10.74 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.23%. Eaton's dividend payout ratio is 44.39%.

Analysts Set New Price Targets

Several research firms have issued reports on ETN. Jefferies Financial Group boosted their price objective on Eaton from $370.00 to $385.00 and gave the stock a "buy" rating in a report on Thursday, July 11th. Royal Bank of Canada cut their price objective on Eaton from $376.00 to $371.00 and set an "outperform" rating on the stock in a report on Friday, August 2nd. Barclays boosted their price objective on Eaton from $318.00 to $319.00 and gave the stock an "equal weight" rating in a report on Friday, August 2nd. Evercore ISI cut their price objective on Eaton from $357.00 to $333.00 and set an "outperform" rating on the stock in a report on Monday, August 19th. Finally, Raymond James began coverage on Eaton in a report on Friday, June 28th. They set an "outperform" rating and a $375.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, Eaton presently has an average rating of "Moderate Buy" and a consensus price target of $328.00.

Insider Transactions at Eaton

In other news, insider Michael Yelton sold 3,136 shares of the company's 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the company's stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company's stock, valued at approximately $2,858,328. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the company's 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 sale, the insider now directly owns 3,914 shares of the company's stock, valued at $1,186,411.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,511 shares of company stock worth $15,809,326. Insiders own 0.53% of the company's stock.

Institutional Investors Weigh In On Eaton

Several hedge funds have recently modified their holdings of ETN. Vanguard Group Inc. raised its stake in Eaton by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company's stock worth $8,812,966,000 after acquiring an additional 259,615 shares in the last quarter. Norges Bank acquired a new position in Eaton during the fourth quarter worth $1,087,983,000. Coatue Management LLC raised its stake in Eaton by 5.2% during the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company's stock worth $960,016,000 after acquiring an additional 195,809 shares in the last quarter. Legal & General Group Plc raised its stake in Eaton by 0.6% during the second 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. Finally, Capital World Investors raised its stake in Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company's stock worth $998,255,000 after acquiring an additional 2,439,270 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

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.