Zacks Investment Research upgraded shares of Eaton Corporation, PLC (NYSE:ETN) from a hold rating to a buy rating in a research report report published on Friday, May 12th. They currently have $86.00 price target on the industrial products company’s stock.
According to Zacks, “Eaton managed to beat first-quarter earnings and total revenue estimates, thanks to growth in organic sales. However, negative currency translations continue to hurt the company earnings.The gradual improvement in the end-market conditions and benefits from restructuring activities will drive its performance and help Eaton to achieve its new guidance for the year. Consistent R&D investments will help it to create new products and provide better electrical solutions to its customers. Shares of the company returned higher than the broader industry in the last twelve months. However, negative currency translation is expected to have an adverse impact on the company’s results, as was the case last year. In addition, Eaton’s vast operation exposes it to cyber-attacks and security breaches, which could impact the operations of the company. “
A number of other analysts have also commented on the company. Avondale Partners assumed coverage on Eaton Corporation, PLC in a research report on Wednesday, February 1st. They issued a market perform rating and a $72.00 target price for the company. Royal Bank Of Canada reissued a hold rating and set a $73.00 price objective on shares of Eaton Corporation, PLC in a report on Sunday, March 12th. Credit Suisse Group reissued a buy rating on shares of Eaton Corporation, PLC in a report on Tuesday, March 28th. Barclays PLC reaffirmed a hold rating and issued a $74.00 target price on shares of Eaton Corporation, PLC in a report on Friday, February 3rd. Finally, J P Morgan Chase & Co lowered Eaton Corporation, PLC from an overweight rating to a neutral rating and reduced their target price for the company from $75.00 to $70.00 in a report on Friday, February 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $77.00.
Eaton Corporation, PLC (NYSE ETN) traded up 0.87% during trading on Friday, reaching $76.80. The company’s stock had a trading volume of 2,623,751 shares. The firm has a market cap of $34.35 billion, a P/E ratio of 17.89 and a beta of 1.27. Eaton Corporation, PLC has a 52 week low of $54.30 and a 52 week high of $79.31. The stock’s 50 day moving average is $76.71 and its 200-day moving average is $72.47.
Eaton Corporation, PLC (NYSE:ETN) last issued its earnings results on Tuesday, May 2nd. The industrial products company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.09. Eaton Corporation, PLC had a return on equity of 12.82% and a net margin of 9.86%. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period in the previous year, the company posted $0.88 EPS. The firm’s revenue was up .7% compared to the same quarter last year. On average, equities research analysts forecast that Eaton Corporation, PLC will post $4.63 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Friday, May 19th. Shareholders of record on Friday, May 5th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend was Wednesday, May 3rd. Eaton Corporation, PLC’s dividend payout ratio (DPR) is presently 55.81%.
In other Eaton Corporation, PLC news, insider Richard H. Fearon sold 25,000 shares of Eaton Corporation, PLC stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $76.24, for a total value of $1,906,000.00. Following the completion of the sale, the insider now owns 236,497 shares of the company’s stock, valued at approximately $18,030,531.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Uday Yadav sold 3,034 shares of Eaton Corporation, PLC stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $76.08, for a total transaction of $230,826.72. Following the completion of the sale, the insider now directly owns 22,601 shares of the company’s stock, valued at approximately $1,719,484.08. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Massmutual Trust Co. FSB ADV increased its stake in shares of Eaton Corporation, PLC by 9.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,402 shares of the industrial products company’s stock worth $104,000 after buying an additional 120 shares during the last quarter. Woodmont Investment Counsel LLC acquired a new stake in shares of Eaton Corporation, PLC during the third quarter worth about $108,000. Harfst & Associates Inc. acquired a new stake in shares of Eaton Corporation, PLC during the first quarter worth about $109,000. Tompkins Financial Corp acquired a new stake in shares of Eaton Corporation, PLC during the first quarter worth about $124,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of Eaton Corporation, PLC during the third quarter worth about $128,000. 76.33% of the stock is owned by hedge funds and other institutional investors.
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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