Eaton (NYSE:ETN) Stock Price Down 0.9% – Here’s What Happened

Eaton Co. plc (NYSE:ETN) shares were down 0.9% during trading on Monday . The stock traded as low as $373.78 and last traded at $374.06. Approximately 635,512 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 2,099,356 shares. The stock had previously closed at $377.41.

Analysts Set New Price Targets

A number of research firms have recently commented on ETN. Barclays cut their price objective on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Citigroup initiated coverage on shares of Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 price objective on the stock. Sanford C. Bernstein began coverage on shares of Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price for the company. Morgan Stanley began coverage on Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective on the stock. Finally, Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and raised their target price for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

Eaton Stock Down 0.2 %

The stock has a market cap of $148.81 billion, a price-to-earnings ratio of 39.79, a PEG ratio of 2.99 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. The business’s fifty day moving average is $342.75 and its two-hundred day moving average is $322.91.

Eaton (NYSE:ETN) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.47 EPS. Equities analysts forecast that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.00%. The ex-dividend date was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Activity

In other Eaton news, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred on 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 transaction, the insider now directly owns 506,360 shares in the company, 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 SEC, which is available at this hyperlink. Also, Director Dorothy C. Thompson acquired 2,205 shares of Eaton stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the transaction, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 68,705 shares of company stock worth $24,516,346. 0.33% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Eaton

A number of institutional investors and hedge funds have recently bought and sold shares of ETN. IAM Advisory LLC acquired a new stake in shares of Eaton in the 2nd quarter valued at about $599,000. Interval Partners LP boosted its stake in Eaton by 82.7% during the 2nd quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock worth $47,571,000 after purchasing an additional 68,693 shares during the period. Scientech Research LLC increased its stake in Eaton by 285.5% in the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock valued at $1,801,000 after purchasing an additional 4,254 shares during the period. B. Riley Wealth Advisors Inc. raised its holdings in shares of Eaton by 25.9% in the second quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock valued at $8,657,000 after buying an additional 5,676 shares during the last quarter. Finally, Leavell Investment Management Inc. boosted its stake in shares of Eaton by 67.6% during the second quarter. Leavell Investment Management Inc. now owns 8,556 shares of the industrial products company’s stock worth $2,683,000 after buying an additional 3,452 shares during the period. 82.97% of the stock is 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.