HSBC lowered shares of Eaton (NYSE:ETN) from a buy rating to a hold rating in a report released on Tuesday, November 12th, Briefing.com Automated Import reports. They currently have $96.00 price objective on the industrial products company’s stock, down from their prior price objective of $99.00.
Several other equities analysts have also recently commented on the stock. Deutsche Bank set a $96.00 target price on shares of Eaton and gave the company a buy rating in a research note on Wednesday, July 31st. Credit Suisse Group upped their target price on shares of Eaton from $89.00 to $94.00 and gave the company an outperform rating in a research note on Wednesday, October 30th. Oppenheimer upgraded shares of Eaton from a market perform rating to an outperform rating and set a $95.00 price objective for the company in a research note on Wednesday, October 16th. Morgan Stanley set a $87.00 price objective on shares of Eaton and gave the company a hold rating in a research note on Friday, November 1st. Finally, Vertical Group cut shares of Eaton from a buy rating to a hold rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. Eaton has an average rating of Hold and a consensus price target of $89.33.
Shares of Eaton stock traded down $0.28 on Tuesday, reaching $91.12. The stock had a trading volume of 2,789,781 shares, compared to its average volume of 2,343,233. The stock has a market cap of $38.24 billion, a P/E ratio of 16.91, a price-to-earnings-growth ratio of 1.85 and a beta of 1.44. Eaton has a fifty-two week low of $64.46 and a fifty-two week high of $93.38. The business’s 50-day moving average price is $88.95 and its two-hundred day moving average price is $82.44. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.10 and a current ratio of 1.72.
Eaton (NYSE:ETN) last released its earnings results on Tuesday, October 29th. The industrial products company reported $1.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.01. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.51 billion. Eaton had a net margin of 11.06% and a return on equity of 15.15%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.43 EPS. As a group, equities analysts forecast that Eaton will post 5.73 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 1st were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend was Thursday, October 31st. Eaton’s payout ratio is 52.69%.
In other Eaton news, Director Michael J. Critelli sold 10,000 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $92.00, for a total transaction of $920,000.00. Following the sale, the director now owns 55,566 shares of the company’s stock, valued at approximately $5,112,072. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joao V. Faria sold 1,000 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $86.89, for a total transaction of $86,890.00. Following the sale, the insider now directly owns 52,841 shares in the company, valued at approximately $4,591,354.49. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,988 shares of company stock worth $7,121,888. Insiders own 0.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Resources Management Corp CT ADV acquired a new position in Eaton during the 3rd quarter valued at about $106,000. Signet Financial Management LLC acquired a new stake in shares of Eaton in the 3rd quarter valued at approximately $1,284,000. Squarepoint Ops LLC acquired a new stake in shares of Eaton in the 3rd quarter valued at approximately $10,823,000. IHT Wealth Management LLC acquired a new stake in shares of Eaton in the 3rd quarter valued at approximately $219,000. Finally, Wealthsource Partners LLC raised its position in shares of Eaton by 15.6% in the 3rd quarter. Wealthsource Partners LLC now owns 6,002 shares of the industrial products company’s stock valued at $499,000 after acquiring an additional 811 shares during the period. Institutional investors own 78.39% of the company’s stock.
Eaton Company Profile
Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
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