Short Interest in Eaton Co. plc (NYSE:ETN) Grows By 7.1%

Eaton Co. plc (NYSE:ETN) was the target of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 4,350,000 shares, an increase of 7.1% from the June 30th total of 4,060,000 shares. Based on an average daily volume of 2,170,000 shares, the days-to-cover ratio is presently 2.0 days.

Eaton Trading Down 3.3 %

Shares of NYSE:ETN traded down $10.06 during trading on Thursday, reaching $294.73. The company’s stock had a trading volume of 3,010,624 shares, compared to its average volume of 2,114,953. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. Eaton has a 12 month low of $191.82 and a 12 month high of $345.19. The firm’s 50 day simple moving average is $319.95 and its two-hundred day simple moving average is $304.83. The stock has a market capitalization of $117.83 billion, a PE ratio of 35.98, a price-to-earnings-growth ratio of 2.40 and a beta of 1.02.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The firm had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same quarter last year, the firm earned $1.88 EPS. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, research analysts predict that Eaton will post 10.56 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 5th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.28%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Analyst Ratings Changes

ETN has been the topic of several analyst reports. Raymond James assumed coverage on Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 target price on the stock. Jefferies Financial Group raised their target price on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. HSBC raised their price target on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. Mizuho reiterated a “buy” rating and set a $355.00 price objective (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. Finally, Argus raised their target price on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $323.06.

Insiders Place Their Bets

In other Eaton news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eaton

A number of hedge funds and other institutional investors have recently modified their holdings of ETN. Assenagon Asset Management S.A. grew its stake in shares of Eaton by 66.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 19,251 shares of the industrial products company’s stock worth $4,636,000 after acquiring an additional 7,708 shares during the last quarter. Patriot Financial Group Insurance Agency LLC raised its position in Eaton by 13.6% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 1,458 shares of the industrial products company’s stock valued at $351,000 after acquiring an additional 174 shares in the last quarter. Mayflower Financial Advisors LLC raised its position in Eaton by 8.1% during the fourth quarter. Mayflower Financial Advisors LLC now owns 3,138 shares of the industrial products company’s stock valued at $756,000 after acquiring an additional 234 shares in the last quarter. Miracle Mile Advisors LLC acquired a new stake in Eaton in the fourth quarter valued at approximately $869,000. Finally, JB Capital LLC acquired a new stake in Eaton in the fourth quarter valued at approximately $3,359,000. 82.97% of the stock is currently 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.