Eaton (NYSE:ETN) Reaches New 12-Month High – Here’s What Happened

Shares of Eaton Co. plc (NYSE:ETN) reached a new 52-week high on Wednesday . The stock traded as high as $358.20 and last traded at $357.52, with a volume of 212514 shares. The stock had previously closed at $337.48.

Wall Street Analyst Weigh In

ETN has been the topic of a number of research analyst reports. Citigroup initiated coverage on Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Jefferies Financial Group raised their price target on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Sanford C. Bernstein started coverage on shares of Eaton in a report on Tuesday. They set an “outperform” rating and a $382.00 price objective for the company. Mizuho raised their target price on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Evercore ISI decreased their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $343.28.

Eaton Price Performance

The firm’s fifty day simple moving average is $328.30 and its two-hundred day simple moving average is $319.74. 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 firm has a market cap of $144.95 billion, a PE ratio of 39.02, a P/E/G ratio of 2.66 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (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 business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the prior year, the business posted $2.47 EPS. Eaton’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, research analysts expect that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.03%. Eaton’s payout ratio is 40.00%.

Insider Activity

In related news, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the transaction, the insider now directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Eaton news, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction that occurred on 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 of the company’s stock, valued at $182,780,769.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Insiders have sold a total of 118,080 shares of company stock worth $39,375,088 over the last quarter. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Eaton

Several institutional investors have recently modified their holdings of the stock. Capital World Investors grew its stake in shares of Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after buying an additional 2,439,270 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after buying an additional 1,070,024 shares in the last quarter. Swedbank AB purchased a new position in shares of Eaton during the second quarter valued at $225,974,000. Assenagon Asset Management S.A. raised its holdings in shares of Eaton by 1,604.4% in the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock valued at $211,201,000 after acquiring an additional 634,059 shares in the last quarter. Finally, Wulff Hansen & CO. lifted its stake in Eaton by 31,255.0% in the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after acquiring an additional 476,639 shares during the period. 82.97% of the stock is 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.