Eaton (NYSE:ETN) Hits New 52-Week High at $344.00

Eaton Co. plc (NYSE:ETN) shares reached a new 52-week high during trading on Thursday . The company traded as high as $344.00 and last traded at $338.04, with a volume of 251226 shares trading hands. The stock had previously closed at $336.18.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of analyst reports. HSBC raised their price objective on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Bank of America raised their price objective on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Mizuho reaffirmed a “buy” rating and set a $355.00 price objective (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. Evercore ISI raised their price objective on Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Finally, Wolfe Research reissued an “underperform” rating and issued a $312.00 target price on shares of Eaton in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and a consensus price target of $314.27.

Eaton Stock Up 1.8 %

The business has a 50-day moving average of $318.69 and a 200 day moving average of $274.05. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. The company has a market capitalization of $136.84 billion, a PE ratio of 39.68, a P/E/G ratio of 2.82 and a beta of 1.06.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the previous year, the firm posted $1.88 earnings per share. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. Equities research analysts predict that Eaton Co. plc will post 10.56 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.10%. Eaton’s dividend payout ratio is 44.39%.

Insider Activity at Eaton

In related news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the sale, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Peter Denk sold 2,416 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the sale, the insider now owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the transaction, the insider now directly owns 69,472 shares in the company, valued at $20,244,140.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,174 shares of company stock worth $5,098,000. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several hedge funds have recently made changes to their positions in the company. Beck Bode LLC acquired a new stake in Eaton during the 1st quarter worth about $10,091,000. BigSur Wealth Management LLC purchased a new position in Eaton in the 1st quarter worth approximately $231,000. Sanibel Captiva Trust Company Inc. increased its holdings in shares of Eaton by 7.4% during the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 5,125 shares of the industrial products company’s stock worth $1,602,000 after buying an additional 351 shares during the last quarter. LRI Investments LLC acquired a new stake in Eaton in the 1st quarter valued at approximately $66,000. Finally, Milestones Administradora de Recursos Ltda. acquired a new stake in Eaton in the 1st quarter valued at approximately $880,000. 82.97% of the stock is owned by institutional investors and hedge funds.

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.