Eaton Co. plc (NYSE:ETN) Sees Significant Growth in Short Interest

Eaton Co. plc (NYSE:ETNGet Free Report) was the target of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 3,630,000 shares, an increase of 15.2% from the February 29th total of 3,150,000 shares. Based on an average daily volume of 1,690,000 shares, the days-to-cover ratio is presently 2.1 days. Approximately 0.9% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Royal Bank of Canada upped their price target on Eaton from $246.00 to $286.00 and gave the company a “sector perform” rating in a research report on Thursday, March 14th. UBS Group upped their price objective on shares of Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a report on Friday, February 2nd. The Goldman Sachs Group lifted their target price on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Bank of America upped their price target on shares of Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Finally, Mizuho lifted their price objective on shares of Eaton from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Eaton presently has an average rating of “Moderate Buy” and a consensus price target of $281.73.

Get Our Latest Research Report on ETN

Insider Buying and Selling

In related news, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the sale, the insider now directly owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now directly owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the sale, the insider now owns 630 shares of the company’s stock, valued at approximately $171,360. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,969 shares of company stock worth $10,904,774. 0.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Eaton

Hedge funds have recently made changes to their positions in the business. FinTrust Capital Advisors LLC increased its holdings in shares of Eaton by 2.6% in the fourth quarter. FinTrust Capital Advisors LLC now owns 1,481 shares of the industrial products company’s stock worth $357,000 after buying an additional 37 shares during the period. Meeder Asset Management Inc. increased its stake in shares of Eaton by 3.3% in the fourth quarter. Meeder Asset Management Inc. now owns 1,315 shares of the industrial products company’s stock worth $317,000 after buying an additional 42 shares during the period. Telemus Capital LLC boosted its position in Eaton by 1.0% during the 4th quarter. Telemus Capital LLC now owns 4,111 shares of the industrial products company’s stock valued at $990,000 after buying an additional 42 shares during the period. Amarillo National Bank grew its holdings in Eaton by 3.5% in the 4th quarter. Amarillo National Bank now owns 1,270 shares of the industrial products company’s stock worth $306,000 after acquiring an additional 43 shares during the last quarter. Finally, Monument Capital Management increased its position in shares of Eaton by 1.9% in the fourth quarter. Monument Capital Management now owns 2,415 shares of the industrial products company’s stock valued at $582,000 after acquiring an additional 44 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Eaton Price Performance

Shares of NYSE ETN traded up $2.98 during midday trading on Tuesday, hitting $315.01. 2,773,134 shares of the company’s stock were exchanged, compared to its average volume of 1,782,023. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43. The business’s fifty day moving average price is $284.53 and its two-hundred day moving average price is $245.06. The company has a market cap of $125.85 billion, a price-to-earnings ratio of 39.25, a PEG ratio of 2.59 and a beta of 1.07. Eaton has a 12-month low of $155.38 and a 12-month high of $317.02.

Eaton (NYSE:ETNGet Free Report) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.08. The firm had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $2.06 EPS. As a group, research analysts forecast that Eaton will post 10.25 EPS for the current fiscal year.

Eaton Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 11th were paid a $0.94 dividend. The ex-dividend date was Friday, March 8th. This represents a $3.76 annualized dividend and a yield of 1.19%. This is a positive change from Eaton’s previous quarterly dividend of $0.86. Eaton’s dividend payout ratio is currently 46.88%.

Eaton Company Profile

(Get Free Report)

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.

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