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

Eaton Co. plc (NYSE:ETN) saw a significant increase in short interest in 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 2.3 %

Eaton stock traded down $6.91 during trading hours on Thursday, reaching $297.88. The stock had a trading volume of 5,416,002 shares, compared to its average volume of 2,131,426. The company has a fifty day simple moving average of $319.14 and a 200-day simple moving average of $304.78. Eaton has a 52 week low of $191.82 and a 52 week high of $345.19. The stock has a market cap of $119.09 billion, a PE ratio of 35.17, a PEG ratio of 2.40 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same period last year, the firm earned $1.88 earnings per share. Eaton’s quarterly revenue was up 8.4% on a year-over-year basis. Analysts forecast that Eaton will post 10.56 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.26%. The ex-dividend date is Monday, August 5th. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

Analysts Set New Price Targets

ETN has been the subject of several research analyst reports. Wolfe Research reissued an “underperform” rating and set a $312.00 price objective on shares of Eaton in a research note on Monday, April 8th. Raymond James began coverage on shares of Eaton in a research report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Argus increased their price target on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Mizuho restated 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $323.06.

Insider Activity

In other news, insider Peter Denk sold 2,416 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the sale, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ETN. Pinnbrook Capital Management LP bought a new position in Eaton in the fourth quarter worth $15,109,000. Congress Wealth Management LLC DE lifted its position in Eaton by 8.1% during the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock valued at $18,479,000 after acquiring an additional 5,725 shares during the period. Norden Group LLC bought a new stake in Eaton during the first quarter worth about $2,176,000. Weiss Asset Management LP purchased a new stake in Eaton in the fourth quarter worth about $1,001,000. Finally, Prospector Partners LLC increased its stake in shares of Eaton by 0.6% during the fourth quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock valued at $17,172,000 after purchasing an additional 415 shares in the last quarter. 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.