Eaton Corporation, PLC (ETN) Sets New 52-Week High After Analyst Upgrade
Eaton Corporation, PLC (NYSE:ETN) hit a new 52-week high during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $90.00 to $92.00. Citigroup currently has a buy rating on the stock. Eaton Corporation, PLC traded as high as $81.95 and last traded at $82.00, with a volume of 1,884,841 shares. The stock had previously closed at $80.02.
A number of other research analysts have also recently commented on ETN. Jefferies Group LLC increased their target price on shares of Eaton Corporation, PLC from $70.00 to $80.00 and gave the stock a “hold” rating in a report on Wednesday. Credit Suisse Group reissued an “outperform” rating and issued a $92.00 target price (up previously from $86.00) on shares of Eaton Corporation, PLC in a report on Wednesday. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Eaton Corporation, PLC in a report on Tuesday. Buckingham Research assumed coverage on shares of Eaton Corporation, PLC in a report on Tuesday, October 17th. They issued a “neutral” rating and a $82.00 target price for the company. Finally, Bank of America Corporation cut shares of Eaton Corporation, PLC from a “buy” rating to an “underperform” rating in a report on Tuesday, October 17th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $82.64.
In other Eaton Corporation, PLC news, Director Deborah L. Mccoy sold 6,450 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $73.17, for a total transaction of $471,946.50. Following the transaction, the director now directly owns 46,386 shares in the company, valued at approximately $3,394,063.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.80% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Eaton Corporation, PLC by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 30,348,561 shares of the industrial products company’s stock valued at $2,250,347,000 after acquiring an additional 695,285 shares in the last quarter. BlackRock Inc. lifted its stake in Eaton Corporation, PLC by 2,830.8% during the 1st quarter. BlackRock Inc. now owns 29,114,265 shares of the industrial products company’s stock valued at $2,158,821,000 after acquiring an additional 28,120,890 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Eaton Corporation, PLC by 1.8% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,762,234 shares of the industrial products company’s stock valued at $723,870,000 after acquiring an additional 170,461 shares in the last quarter. Bank of America Corp DE lifted its stake in Eaton Corporation, PLC by 17.0% during the 1st quarter. Bank of America Corp DE now owns 6,407,605 shares of the industrial products company’s stock valued at $475,123,000 after acquiring an additional 932,400 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its stake in Eaton Corporation, PLC by 8.2% during the 1st quarter. Lazard Asset Management LLC now owns 5,849,259 shares of the industrial products company’s stock valued at $433,722,000 after acquiring an additional 443,090 shares in the last quarter. Institutional investors and hedge funds own 76.03% of the company’s stock.
Eaton Corporation, PLC (NYSE:ETN) last released its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $1.25 EPS for the quarter, meeting the consensus estimate of $1.25. Eaton Corporation, PLC had a return on equity of 12.89% and a net margin of 14.21%. The company had revenue of $5.21 billion for the quarter, compared to analysts’ expectations of $5.12 billion. During the same period last year, the firm posted $1.16 earnings per share. Eaton Corporation, PLC’s revenue was up 6.4% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Friday, November 3rd will be given a dividend of $0.60 per share. The ex-dividend date is Thursday, November 2nd. This represents a $2.40 annualized dividend and a dividend yield of 3.02%. Eaton Corporation, PLC’s dividend payout ratio (DPR) is presently 37.68%.
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About Eaton Corporation, PLC
Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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