Eaton (NYSE:ETN) Hits New 52-Week High at $333.13

Eaton Co. plc (NYSE:ETN)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $333.13 and last traded at $331.93, with a volume of 375967 shares traded. The stock had previously closed at $327.43.

Wall Street Analyst Weigh In

ETN has been the subject of several analyst reports. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Evercore ISI upped their price objective on Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Berenberg Bank lifted their target price on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. JPMorgan Chase & Co. increased their price target on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Finally, Mizuho reaffirmed a “buy” rating and issued a $355.00 price objective (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Eaton presently has an average rating of “Moderate Buy” and an average price target of $314.27.

Eaton Stock Performance

The business has a 50 day moving average of $310.41 and a 200-day moving average of $264.55. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The company has a market capitalization of $132.09 billion, a P/E ratio of 38.64, a price-to-earnings-growth ratio of 2.54 and a beta of 1.06.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating the consensus estimate of $2.28 by $0.12. The firm had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period last year, the firm earned $1.88 EPS. On average, sell-side analysts predict that Eaton Co. plc will post 10.45 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be given a dividend of $0.94 per share. The ex-dividend date is Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.14%. Eaton’s payout ratio is presently 44.39%.

Insider Activity

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 approximately $20,244,140.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 sale, the insider now owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The transaction was disclosed in a legal filing 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 transaction of $3,796,067.80. Following the sale, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,219 shares of company stock worth $5,509,667. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Eaton

A number of hedge funds have recently modified their holdings of the company. LifeSteps Financial Inc. purchased a new stake in Eaton in the 1st quarter worth approximately $25,000. Atwood & Palmer Inc. lifted its stake in Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares during the period. Tennessee Valley Asset Management Partners bought a new stake in Eaton in the fourth quarter valued at $25,000. Redmont Wealth Advisors LLC purchased a new position in Eaton during the 1st quarter valued at $33,000. Finally, Clear Investment Research LLC purchased a new stake in shares of Eaton in the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

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.