Eaton (NYSE:ETN) Sets New 1-Year High – Here’s What Happened

Eaton Co. plc (NYSE:ETN) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $374.00 and last traded at $372.17, with a volume of 86352 shares trading hands. The stock had previously closed at $370.95.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ETN shares. Barclays dropped their price objective on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Mizuho lifted their price objective on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Evercore ISI cut shares of Eaton from an “outperform” rating to an “inline” rating and increased their target price for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $374.00 price target on shares of Eaton in a report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Stock Up 1.3 %

The company has a 50-day moving average of $341.32 and a 200-day moving average of $322.65. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $148.50 billion, a price-to-earnings ratio of 39.75, a price-to-earnings-growth ratio of 2.89 and a beta of 1.01.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.47 earnings per share. On average, equities analysts predict that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Activity at Eaton

In other news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was 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 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dorothy C. Thompson purchased 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the transaction, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 68,705 shares of company stock valued at $24,516,346 in the last ninety days. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

A number of large investors have recently added to or reduced their stakes in ETN. Breakwater Investment Management raised its stake in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the period. Proffitt & Goodson Inc. acquired a new stake in Eaton during the 2nd quarter worth approximately $29,000. Morse Asset Management Inc purchased a new position in Eaton in the third quarter valued at $33,000. LGT Financial Advisors LLC purchased a new position in shares of Eaton in the 2nd quarter valued at about $33,000. Finally, West Financial Advisors LLC purchased a new stake in shares of Eaton in the 3rd quarter valued at approximately $35,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

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.