Eaton Corporation, PLC to Issue Quarterly Dividend of $0.60 (NYSE:ETN)

Eaton Corporation, PLC (NYSE:ETN) announced a quarterly dividend on Tuesday, July 25th, RTT News reports. Shareholders of record on Friday, August 4th will be given a dividend of 0.60 per share by the industrial products company on Friday, August 18th. This represents a $2.40 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Wednesday, August 2nd.

Eaton Corporation, PLC has increased its dividend by an average of 10.7% per year over the last three years and has increased its dividend every year for the last 7 years. Eaton Corporation, PLC has a dividend payout ratio of 52.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Eaton Corporation, PLC to earn $5.08 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 47.2%.

Eaton Corporation, PLC (NYSE ETN) opened at 71.20 on Friday. The company has a market cap of $31.67 billion, a price-to-earnings ratio of 16.32 and a beta of 1.35. The stock has a 50 day moving average price of $76.76 and a 200 day moving average price of $75.08. Eaton Corporation, PLC has a 12 month low of $59.07 and a 12 month high of $81.63.

Eaton Corporation, PLC (NYSE:ETN) last issued its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by $0.01. The business had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.14 billion. Eaton Corporation, PLC had a return on equity of 12.93% and a net margin of 9.95%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.07 earnings per share. Analysts anticipate that Eaton Corporation, PLC will post $4.61 earnings per share for the current fiscal year.

Several research firms recently issued reports on ETN. JMP Securities initiated coverage on Eaton Corporation, PLC in a research report on Monday, June 19th. They issued a “market perform” rating on the stock. Zacks Investment Research lowered shares of Eaton Corporation, PLC from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. ValuEngine raised shares of Eaton Corporation, PLC from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. J P Morgan Chase & Co lowered shares of Eaton Corporation, PLC from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $73.00 to $70.00 in a research note on Thursday. Finally, Barclays PLC set a $81.00 target price on shares of Eaton Corporation, PLC and gave the stock a “hold” rating in a research note on Tuesday, May 2nd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the stock. Eaton Corporation, PLC has an average rating of “Hold” and an average price target of $78.54.

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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.

Dividend History for Eaton Corporation, PLC (NYSE:ETN)

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