Traders Buy Shares of Eaton Corporation, PLC (ETN) on Weakness
Investors purchased shares of Eaton Corporation, PLC (NYSE:ETN) on weakness during trading on Friday. $38.66 million flowed into the stock on the tick-up and $16.33 million flowed out of the stock on the tick-down, for a money net flow of $22.33 million into the stock. Of all equities tracked, Eaton Corporation, PLC had the 19th highest net in-flow for the day. Eaton Corporation, PLC traded down ($0.13) for the day and closed at $71.63
Several brokerages have weighed in on ETN. Jefferies Group LLC reissued a “hold” rating and set a $75.00 price objective on shares of Eaton Corporation, PLC in a report on Thursday, August 24th. JMP Securities began coverage on Eaton Corporation, PLC in a report on Monday, June 19th. They set a “market perform” rating for the company. ValuEngine raised Eaton Corporation, PLC from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Zacks Investment Research cut Eaton Corporation, PLC from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, J P Morgan Chase & Co cut Eaton Corporation, PLC from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $73.00 to $70.00 in a report on Thursday, August 17th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $79.67.
The firm has a market capitalization of $31.86 billion, a price-to-earnings ratio of 16.42 and a beta of 1.36. The stock’s 50-day moving average is $74.53 and its 200 day moving average is $75.11.
Eaton Corporation, PLC (NYSE:ETN) last released its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $1.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by $0.01. The firm had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.14 billion. Eaton Corporation, PLC had a net margin of 9.95% and a return on equity of 12.93%. The company’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.07 EPS. Equities research analysts anticipate that Eaton Corporation, PLC will post $4.61 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Friday, August 4th were issued a dividend of $0.60 per share. The ex-dividend date was Wednesday, August 2nd. This represents a $2.40 annualized dividend and a dividend yield of 3.35%. Eaton Corporation, PLC’s dividend payout ratio is 54.79%.
Several large investors have recently added to or reduced their stakes in ETN. Bank of America Corp DE increased its stake in Eaton Corporation, PLC by 17.0% in the first quarter. Bank of America Corp DE now owns 6,407,605 shares of the industrial products company’s stock valued at $475,123,000 after buying an additional 932,400 shares in the last quarter. Vanguard Group Inc. increased its stake in Eaton Corporation, PLC by 2.3% in the first quarter. Vanguard Group Inc. now owns 30,348,561 shares of the industrial products company’s stock valued at $2,250,347,000 after buying an additional 695,285 shares in the last quarter. UBS Group AG increased its stake in Eaton Corporation, PLC by 1.6% in the first quarter. UBS Group AG now owns 1,810,784 shares of the industrial products company’s stock valued at $134,270,000 after buying an additional 28,426 shares in the last quarter. Lazard Asset Management LLC increased its stake in Eaton Corporation, PLC by 8.2% in the first quarter. Lazard Asset Management LLC now owns 5,849,259 shares of the industrial products company’s stock valued at $433,722,000 after buying an additional 443,090 shares in the last quarter. Finally, Bancorpsouth Inc. increased its stake in Eaton Corporation, PLC by 3.2% in the first quarter. Bancorpsouth Inc. now owns 36,797 shares of the industrial products company’s stock valued at $2,728,000 after buying an additional 1,149 shares in the last quarter. Hedge funds and other institutional investors own 75.84% of the company’s stock.
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About Eaton Corporation, PLC
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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