Traders Buy Eaton Corporation, PLC (NYSE:ETN) on Weakness Following Weak Earnings

Traders bought shares of Eaton Corporation, PLC (NYSE:ETN) on weakness during trading on Tuesday following a weaker than expected earnings announcement. $191.94 million flowed into the stock on the tick-up and $156.74 million flowed out of the stock on the tick-down, for a money net flow of $35.20 million into the stock. Of all companies tracked, Eaton Corporation, PLC had the 13th highest net in-flow for the day. Eaton Corporation, PLC traded down ($3.99) for the day and closed at $74.26The industrial products company reported $1.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by $0.01. The firm had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Eaton Corporation, PLC had a net margin of 9.95% and a return on equity of 12.93%. The firm’s revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.07 EPS.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Friday, August 4th will be given a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $2.40 annualized dividend and a dividend yield of 3.36%. Eaton Corporation, PLC’s dividend payout ratio (DPR) is presently 54.79%.

A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada reiterated a “hold” rating and issued a $78.00 target price on shares of Eaton Corporation, PLC in a research report on Wednesday, July 12th. Wolfe Research assumed coverage on shares of Eaton Corporation, PLC in a research report on Tuesday, July 11th. They issued a “market perform” rating for the company. Stifel Nicolaus reiterated a “hold” rating and issued a $80.00 target price on shares of Eaton Corporation, PLC in a research report on Friday, July 7th. BidaskClub downgraded shares of Eaton Corporation, PLC from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Zacks Investment Research downgraded shares of Eaton Corporation, PLC from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $78.54.

A number of hedge funds and other institutional investors have recently bought and sold shares of ETN. BlackRock Inc. raised its position in Eaton Corporation, PLC by 2,830.8% in the first quarter. BlackRock Inc. now owns 29,114,265 shares of the industrial products company’s stock worth $2,158,821,000 after buying an additional 28,120,890 shares during the last quarter. Boston Partners raised its position in Eaton Corporation, PLC by 286.0% in the first quarter. Boston Partners now owns 7,227,300 shares of the industrial products company’s stock worth $535,904,000 after buying an additional 5,354,998 shares during the last quarter. Bank of America Corp DE raised its position in Eaton Corporation, PLC by 17.0% in the first quarter. Bank of America Corp DE now owns 6,407,605 shares of the industrial products company’s stock worth $475,123,000 after buying an additional 932,400 shares during the last quarter. Wellington Management Group LLP raised its position in Eaton Corporation, PLC by 2.4% in the first quarter. Wellington Management Group LLP now owns 37,607,505 shares of the industrial products company’s stock worth $2,788,596,000 after buying an additional 875,616 shares during the last quarter. Finally, FMR LLC raised its position in Eaton Corporation, PLC by 9.5% in the first quarter. FMR LLC now owns 9,180,438 shares of the industrial products company’s stock worth $680,729,000 after buying an additional 794,975 shares during the last quarter. Institutional investors and hedge funds own 76.59% of the company’s stock.

The stock has a 50 day moving average of $77.44 and a 200-day moving average of $75.02. The company has a market cap of $31.79 billion, a P/E ratio of 16.39 and a beta of 1.35.

COPYRIGHT VIOLATION NOTICE: This news story was first published by Community Financial News and is the sole property of of Community Financial News. If you are viewing this news story on another publication, it was copied illegally and reposted in violation of U.S. & international copyright legislation. The original version of this news story can be viewed at https://www.com-unik.info/2017/08/12/investors-buy-eaton-corporation-plc-nyseetn-on-weakness-following-weak-earnings-updated.html.

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.

What are top analysts saying about Eaton Corporation PLC? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Eaton Corporation PLC and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit