Investors Sell Eaton (ETN) on Strength (ETN)
Investors sold shares of Eaton Co. PLC (NYSE:ETN) on strength during trading on Thursday. $13.52 million flowed into the stock on the tick-up and $40.24 million flowed out of the stock on the tick-down, for a money net flow of $26.72 million out of the stock. Of all stocks tracked, Eaton had the 27th highest net out-flow for the day. Eaton traded up $0.56 for the day and closed at $82.98
ETN has been the topic of several analyst reports. Zacks Investment Research lowered shares of Eaton from a “hold” rating to a “sell” rating in a report on Thursday, January 3rd. Bank of America lowered shares of Eaton from a “buy” rating to a “neutral” rating and set a $88.00 price objective on the stock. in a report on Thursday, April 4th. Credit Suisse Group restated an “outperform” rating and issued a $80.00 price objective (down from $85.00) on shares of Eaton in a report on Thursday, January 3rd. Morgan Stanley set a $82.00 price objective on shares of Eaton and gave the company a “hold” rating in a report on Saturday, February 2nd. Finally, Robert W. Baird set a $88.00 price objective on shares of Eaton and gave the company a “buy” rating in a report on Friday, January 25th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $86.80.
The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.93 and a current ratio of 1.47. The firm has a market capitalization of $35.17 billion, a price-to-earnings ratio of 15.40, a price-to-earnings-growth ratio of 1.52 and a beta of 1.48.
The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Saturday, March 9th were issued a $0.71 dividend. The ex-dividend date was Thursday, March 7th. This represents a $2.84 annualized dividend and a yield of 3.42%. Eaton’s dividend payout ratio (DPR) is presently 52.69%.
In other Eaton news, insider Curtis J. Hutchins sold 12,000 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $80.60, for a total value of $967,200.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Curtis J. Hutchins sold 37,625 shares of the stock in a transaction on Thursday, February 7th. The stock was sold at an average price of $76.02, for a total transaction of $2,860,252.50. Following the completion of the sale, the insider now owns 15,872 shares in the company, valued at $1,206,589.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 73,214 shares of company stock worth $5,709,455. Company insiders own 0.70% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its position in shares of Eaton by 9.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,820,730 shares of the industrial products company’s stock valued at $591,563,000 after acquiring an additional 586,855 shares during the period. First Republic Investment Management Inc. raised its stake in Eaton by 7.5% in the 3rd quarter. First Republic Investment Management Inc. now owns 60,530 shares of the industrial products company’s stock worth $5,250,000 after purchasing an additional 4,203 shares in the last quarter. LPL Financial LLC raised its stake in Eaton by 1.8% in the 3rd quarter. LPL Financial LLC now owns 129,066 shares of the industrial products company’s stock worth $11,194,000 after purchasing an additional 2,343 shares in the last quarter. BlueMountain Capital Management LLC acquired a new stake in Eaton in the 3rd quarter worth about $761,000. Finally, Rampart Investment Management Company LLC raised its stake in Eaton by 43.6% in the 3rd quarter. Rampart Investment Management Company LLC now owns 6,452 shares of the industrial products company’s stock worth $379,450,000 after purchasing an additional 1,960 shares in the last quarter. Institutional investors own 78.14% of the company’s stock.
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Eaton Company Profile (NYSE:ETN)
Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
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