Eaton Corp. PLC (ETN) Sees Large Volume Increase
Eaton Corp. PLC (NYSE:ETN) shares saw an uptick in trading volume on Thursday . 2,239,400 shares traded hands during mid-day trading, a decline of 20% from the previous session’s volume of 2,783,246 shares.The stock last traded at $63.88 and had previously closed at $63.87.
Several research firms have weighed in on ETN. Sanford C. Bernstein increased their target price on Eaton Corp. PLC from $65.00 to $68.00 and gave the company a “market perform” rating in a research note on Monday, May 2nd. Morgan Stanley reissued a “buy” rating on shares of Eaton Corp. PLC in a research note on Sunday, May 8th. Deutsche Bank AG reissued a “hold” rating on shares of Eaton Corp. PLC in a research note on Sunday, April 17th. Credit Suisse Group AG restated a “buy” rating on shares of Eaton Corp. PLC in a report on Saturday, July 9th. Finally, Bank of America Corp. downgraded Eaton Corp. PLC from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a report on Thursday. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $61.06.
The stock has a market capitalization of $29.22 billion and a price-to-earnings ratio of 15.47. The firm has a 50 day moving average of $61.12 and a 200-day moving average of $58.44.
Eaton Corp. PLC (NYSE:ETN) last posted its quarterly earnings results on Friday, April 29th. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.03. The firm had revenue of $4.81 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same period last year, the company posted $1.01 earnings per share. The firm’s quarterly revenue was down 7.8% compared to the same quarter last year. Equities analysts predict that Eaton Corp. PLC will post $4.28 earnings per share for the current year.
In other Eaton Corp. PLC news, insider Mark M. Mcguire sold 18,751 shares of the business’s stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $63.04, for a total transaction of $1,182,063.04. Following the completion of the sale, the insider now directly owns 32,168 shares of the company’s stock, valued at approximately $2,027,870.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alexander M. Cutler sold 138,762 shares of the business’s stock in a transaction that occurred on Wednesday, May 11th. The stock was sold at an average price of $62.33, for a total value of $8,649,035.46. Following the sale, the insider now directly owns 635,939 shares of the company’s stock, valued at $39,638,077.87. The disclosure for this sale can be found here.
Other hedge funds recently modified their holdings of the company. Winton Capital Group Ltd raised its stake in shares of Eaton Corp. PLC by 755.4% in the fourth quarter. Winton Capital Group Ltd now owns 1,020,188 shares of the company’s stock worth $53,091,000 after buying an additional 900,917 shares in the last quarter. Schroder Investment Management Group raised its stake in shares of Eaton Corp. PLC by 2,683.5% in the fourth quarter. Schroder Investment Management Group now owns 852,957 shares of the company’s stock worth $44,388,000 after buying an additional 822,314 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Eaton Corp. PLC by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 26,563,089 shares of the company’s stock worth $1,382,343,000 after buying an additional 397,302 shares in the last quarter. I.G. Investment Management LTD. raised its stake in shares of Eaton Corp. PLC by 14.1% in the fourth quarter. I.G. Investment Management LTD. now owns 2,890,232 shares of the company’s stock worth $150,408,000 after buying an additional 358,210 shares in the last quarter. Finally, Levin Capital Strategies L.P. raised its stake in shares of Eaton Corp. PLC by 8.8% in the fourth quarter. Levin Capital Strategies L.P. now owns 3,745,845 shares of the company’s stock worth $194,934,000 after buying an additional 303,715 shares in the last quarter.
Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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