Eaton (NYSE:ETN) Hits New 12-Month High – Should You Buy?
by Scott Moore · The Cerbat GemShares of Eaton Corporation, PLC (NYSE:ETN – Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $433.03 and last traded at $433.2160, with a volume of 1825248 shares changing hands. The stock had previously closed at $410.77.
Analyst Ratings Changes
ETN has been the subject of several analyst reports. BMO Capital Markets initiated coverage on Eaton in a report on Friday, March 27th. They set an “outperform” rating and a $428.00 target price for the company. Weiss Ratings restated a “buy (b-)” rating on shares of Eaton in a report on Wednesday, January 21st. Wells Fargo & Company cut their target price on Eaton from $370.00 to $350.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 1st. Barclays reduced their price target on Eaton from $354.00 to $340.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 1st. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Eaton in a research report on Tuesday, January 27th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $396.50.
Eaton Trading Up 5.6%
The firm has a market cap of $168.36 billion, a P/E ratio of 41.48, a price-to-earnings-growth ratio of 2.87 and a beta of 1.17. The stock has a fifty day simple moving average of $376.68 and a 200 day simple moving average of $359.74. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.81 and a current ratio of 1.32.
Eaton (NYSE:ETN – Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The industrial products company reported $3.23 earnings per share (EPS) for the quarter. The firm had revenue of $7.06 billion for the quarter. Eaton had a return on equity of 25.00% and a net margin of 14.89%. On average, research analysts expect that Eaton Corporation, PLC will post 13.3 earnings per share for the current fiscal year.
Eaton Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 8th will be given a $1.10 dividend. The ex-dividend date is Friday, May 8th. This represents a $4.40 dividend on an annualized basis and a yield of 1.0%. Eaton’s dividend payout ratio is presently 42.07%.
Insider Buying and Selling
In other Eaton news, insider Sternadt Paulo Ruiz sold 10,707 shares of the company’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $390.26, for a total value of $4,178,513.82. Following the completion of the sale, the insider owned 27,729 shares in the company, valued at $10,821,519.54. This represents a 27.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.10% of the stock is currently owned by insiders.
Institutional Trading of Eaton
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Millstone Evans Group LLC increased its position in Eaton by 4.4% in the first quarter. Millstone Evans Group LLC now owns 927 shares of the industrial products company’s stock worth $332,000 after buying an additional 39 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich lifted its position in shares of Eaton by 24,986.3% in the first quarter. Munich Reinsurance Co Stock Corp in Munich now owns 154,281 shares of the industrial products company’s stock valued at $55,182,000 after acquiring an additional 153,666 shares in the last quarter. Hartline Investment Corp lifted its position in shares of Eaton by 1.1% in the first quarter. Hartline Investment Corp now owns 16,621 shares of the industrial products company’s stock valued at $5,945,000 after acquiring an additional 180 shares in the last quarter. Pioneer Trust Bank N A OR lifted its position in shares of Eaton by 68.6% in the first quarter. Pioneer Trust Bank N A OR now owns 10,505 shares of the industrial products company’s stock valued at $3,757,000 after acquiring an additional 4,275 shares in the last quarter. Finally, Bogart Wealth LLC lifted its position in shares of Eaton by 1.3% in the first quarter. Bogart Wealth LLC now owns 2,184 shares of the industrial products company’s stock valued at $781,000 after acquiring an additional 29 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.
Eaton Company Profile
Eaton (NYSE: ETN) is a diversified power management company that designs, manufactures and distributes products and systems to manage electrical, hydraulic and mechanical power. The company’s offerings are used to improve energy efficiency, reliability and safety across a wide range of applications, with core capabilities in electrical distribution and control, industrial hydraulics and aerospace systems.
Its product portfolio includes switchgear, circuit breakers, transformers, power distribution units, uninterruptible power supplies and surge protection devices for electrical infrastructure, along with hydraulic pumps, valves and filtration systems for industrial and mobile equipment.