Eaton (NYSE:ETN) Stock Price Down 0.3% – Here’s What Happened

Eaton Co. plc (NYSE:ETN) was down 0.3% on Tuesday . The company traded as low as $370.24 and last traded at $371.01. Approximately 268,361 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 2,090,781 shares. The stock had previously closed at $372.22.

Wall Street Analyst Weigh In

ETN has been the subject of a number of research analyst reports. Citigroup began coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price target for the company. Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and lifted their target price for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Bank of America raised their price objective on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Barclays cut their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Finally, Sanford C. Bernstein initiated coverage on Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $357.83.

Eaton Stock Performance

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 stock’s fifty day moving average price is $348.37 and its two-hundred day moving average price is $324.41. The company has a market capitalization of $147.10 billion, a PE ratio of 39.47, a price-to-earnings-growth ratio of 2.84 and a beta of 1.03.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS 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 company had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter last year, the firm posted $2.47 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. Sell-side analysts anticipate that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were paid a $0.94 dividend. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.01%. Eaton’s payout ratio is 40.00%.

Insider Activity at Eaton

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the sale, the insider now directly owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. This represents a 4.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the transaction, the director now directly owns 51,422 shares of the company’s stock, valued at $17,241,796.60. This trade represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,981 shares of company stock valued at $24,100,317 in the last three months. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Breakwater Investment Management increased its holdings in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares during the last quarter. Proffitt & Goodson Inc. bought a new stake in Eaton during the 2nd quarter worth approximately $29,000. Morse Asset Management Inc purchased a new position in Eaton during the third quarter valued at approximately $33,000. LGT Financial Advisors LLC bought a new position in shares of Eaton in the second quarter worth approximately $33,000. Finally, West Financial Advisors LLC bought a new stake in shares of Eaton during the 3rd quarter valued at $35,000. 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.