Eaton (NYSE:ETN) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS
by Sarita Garza · The Markets DailyEaton (NYSE:ETN – Get Free Report) issued its earnings results on Tuesday. The industrial products company reported $3.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.34 by ($0.01), FiscalAI reports. The company had revenue of $7.06 billion during the quarter, compared to analyst estimates of $7.15 billion. Eaton had a return on equity of 24.36% and a net margin of 14.74%.
Eaton Trading Up 2.4%
Shares of ETN stock opened at $359.74 on Tuesday. The stock’s fifty day simple moving average is $333.38 and its 200 day simple moving average is $354.62. Eaton has a twelve month low of $231.85 and a twelve month high of $399.56. The company has a quick ratio of 0.79, a current ratio of 1.28 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $139.72 billion, a P/E ratio of 35.97, a P/E/G ratio of 2.31 and a beta of 1.20.
Insider Activity at Eaton
In other news, Director Gerald Johnson acquired 200 shares of Eaton stock in a transaction dated Tuesday, November 18th. The shares were bought at an average cost of $339.89 per share, with a total value of $67,978.00. Following the purchase, the director owned 400 shares in the company, valued at $135,956. This trade represents a 100.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.30% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of ETN. Williams Jones Wealth Management LLC. lifted its position in shares of Eaton by 3.3% during the third quarter. Williams Jones Wealth Management LLC. now owns 515,587 shares of the industrial products company’s stock valued at $192,958,000 after purchasing an additional 16,422 shares in the last quarter. Horizon Investments LLC grew its holdings in Eaton by 23.7% during the 3rd quarter. Horizon Investments LLC now owns 24,034 shares of the industrial products company’s stock valued at $8,970,000 after buying an additional 4,601 shares in the last quarter. Stonebridge Capital Advisors LLC increased its holdings in Eaton by 4.1% during the 2nd quarter. Stonebridge Capital Advisors LLC now owns 33,118 shares of the industrial products company’s stock worth $11,823,000 after acquiring an additional 1,292 shares during the period. Captrust Financial Advisors boosted its stake in Eaton by 1.7% during the third quarter. Captrust Financial Advisors now owns 61,290 shares of the industrial products company’s stock valued at $22,938,000 after buying an additional 1,001 shares during the period. Finally, Sunbelt Securities Inc. increased its position in shares of Eaton by 43.9% in the third quarter. Sunbelt Securities Inc. now owns 3,245 shares of the industrial products company’s stock worth $1,214,000 after purchasing an additional 990 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on the stock. Citigroup reduced their target price on shares of Eaton from $442.00 to $435.00 and set a “buy” rating on the stock in a research report on Monday, January 12th. Hsbc Global Res raised Eaton from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 16th. Mizuho increased their target price on shares of Eaton from $385.00 to $425.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Barclays decreased their price objective on Eaton from $362.00 to $350.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 7th. Finally, JPMorgan Chase & Co. dropped their target price on Eaton from $440.00 to $406.00 and set an “overweight” rating on the stock in a research report on Friday, January 16th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $384.30.
About Eaton
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.
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