Traders Buy Eaton Corporation, PLC (ETN) on Weakness
Traders bought shares of Eaton Corporation, PLC (NYSE:ETN) on weakness during trading hours on Monday. $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 stocks 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 recently weighed in on ETN. Stifel Nicolaus restated a “hold” rating and set a $80.00 price target on shares of Eaton Corporation, PLC in a report on Friday, July 7th. Zacks Investment Research upgraded Eaton Corporation, PLC from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a report on Friday, May 26th. BidaskClub downgraded Eaton Corporation, PLC from a “sell” rating to a “strong sell” rating in a report on Thursday, August 10th. Wolfe Research began coverage on Eaton Corporation, PLC in a report on Tuesday, July 11th. They set a “market perform” rating for the company. Finally, Royal Bank Of Canada restated a “hold” rating and set a $78.00 price target on shares of Eaton Corporation, PLC in a report on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $79.67.
The stock 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 price is $74.53 and its 200-day moving average price is $75.11.
Eaton Corporation, PLC (NYSE:ETN) last announced its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $1.15 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by $0.01. The firm had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.14 billion. Eaton Corporation, PLC had a net margin of 9.95% and a return on equity of 12.93%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.07 earnings per share. Analysts anticipate that Eaton Corporation, PLC will post $4.61 earnings per share for the current 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 $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date was Wednesday, August 2nd. Eaton Corporation, PLC’s dividend payout ratio is presently 54.79%.
A number of institutional investors have recently bought and sold shares of ETN. BlackRock Inc. grew its holdings in Eaton Corporation, PLC by 2,830.8% during the first quarter. BlackRock Inc. now owns 29,114,265 shares of the industrial products company’s stock worth $2,158,821,000 after acquiring an additional 28,120,890 shares during the period. Boston Partners grew its holdings in Eaton Corporation, PLC by 286.0% during the first quarter. Boston Partners now owns 7,227,300 shares of the industrial products company’s stock worth $535,904,000 after acquiring an additional 5,354,998 shares during the period. Bank of America Corp DE grew its holdings in Eaton Corporation, PLC by 17.0% during the first quarter. Bank of America Corp DE now owns 6,407,605 shares of the industrial products company’s stock worth $475,123,000 after acquiring an additional 932,400 shares during the period. Wellington Management Group LLP grew its holdings in Eaton Corporation, PLC by 2.4% during the first quarter. Wellington Management Group LLP now owns 37,607,505 shares of the industrial products company’s stock worth $2,788,596,000 after acquiring an additional 875,616 shares during the period. Finally, FMR LLC grew its holdings in Eaton Corporation, PLC by 9.5% during the first quarter. FMR LLC now owns 9,180,438 shares of the industrial products company’s stock worth $680,729,000 after acquiring an additional 794,975 shares during the period. 75.86% of the stock is currently owned by hedge funds and other institutional investors.
COPYRIGHT VIOLATION NOTICE: This report was first published by Daily Political and is the property of of Daily Political. If you are accessing this report on another site, it was illegally copied and reposted in violation of United States & international copyright & trademark legislation. The correct version of this report can be read at https://www.dailypolitical.com/2017/09/04/traders-buy-eaton-corporation-plc-etn-on-weakness-2.html.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.