Eaton Co. plc (NYSE:ETN) Sees Significant Increase in Short Interest

Eaton Co. plc (NYSE:ETNGet Free Report) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 3,630,000 shares, a growth of 15.2% from the February 29th total of 3,150,000 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average trading volume of 1,690,000 shares, the days-to-cover ratio is currently 2.1 days.

Analyst Ratings Changes

Several equities analysts recently issued reports on ETN shares. Evercore ISI raised their price objective on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. UBS Group raised their price objective on Eaton from $255.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Berenberg Bank raised their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. The Goldman Sachs Group raised their target price on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Finally, Royal Bank of Canada raised their target price on Eaton from $246.00 to $286.00 and gave the company a “sector perform” rating in a research note on Thursday, March 14th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $281.73.

Get Our Latest Stock Analysis on Eaton

Insider Buying and Selling at Eaton

In other news, insider Peter Denk sold 1,731 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the transaction, the insider now directly owns 5,514 shares in the company, valued at approximately $1,593,380.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the completion of the transaction, the insider now directly owns 29,712 shares in the company, valued at approximately $8,116,427.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Peter Denk sold 1,731 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the transaction, the insider now owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock valued at $10,904,774 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eaton

A number of institutional investors have recently bought and sold shares of the stock. FinTrust Capital Advisors LLC increased its stake in Eaton by 2.6% in the 4th quarter. FinTrust Capital Advisors LLC now owns 1,481 shares of the industrial products company’s stock worth $357,000 after purchasing an additional 37 shares in the last quarter. Meeder Asset Management Inc. boosted its position in Eaton by 3.3% during the 4th quarter. Meeder Asset Management Inc. now owns 1,315 shares of the industrial products company’s stock worth $317,000 after acquiring an additional 42 shares during the period. Telemus Capital LLC boosted its position in Eaton by 1.0% during the 4th quarter. Telemus Capital LLC now owns 4,111 shares of the industrial products company’s stock worth $990,000 after acquiring an additional 42 shares during the period. Amarillo National Bank boosted its position in Eaton by 3.5% during the 4th quarter. Amarillo National Bank now owns 1,270 shares of the industrial products company’s stock worth $306,000 after acquiring an additional 43 shares during the period. Finally, Monument Capital Management boosted its position in Eaton by 1.9% during the 4th quarter. Monument Capital Management now owns 2,415 shares of the industrial products company’s stock worth $582,000 after acquiring an additional 44 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

NYSE:ETN traded up $2.98 during mid-day trading on Tuesday, reaching $315.01. 2,773,134 shares of the stock were exchanged, compared to its average volume of 1,782,023. The business has a fifty day moving average price of $284.53 and a 200 day moving average price of $245.06. The firm has a market capitalization of $125.85 billion, a PE ratio of 39.25, a PEG ratio of 2.59 and a beta of 1.07. Eaton has a 1-year low of $155.38 and a 1-year high of $317.02. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43.

Eaton (NYSE:ETNGet Free Report) last released its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. Eaton’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company earned $2.06 earnings per share. Research analysts expect that Eaton will post 10.25 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 11th were paid a $0.94 dividend. The ex-dividend date was Friday, March 8th. This represents a $3.76 dividend on an annualized basis and a yield of 1.19%. This is a boost from Eaton’s previous quarterly dividend of $0.86. Eaton’s dividend payout ratio (DPR) is currently 46.88%.

About Eaton

(Get Free Report)

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.

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