Shares of Eaton Co. PLC (NYSE:ETN) shot up 5.7% during mid-day trading on Wednesday . The stock traded as high as $72.41 and last traded at $75.29, 169,312 shares were traded during trading. A decline of 97% from the average session volume of 5,082,484 shares. The stock had previously closed at $71.21.
Several brokerages recently issued reports on ETN. Oppenheimer assumed coverage on Eaton in a report on Tuesday, February 4th. They set a “buy” rating and a $115.00 price objective for the company. Vertical Research raised Eaton from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Deutsche Bank cut their price target on Eaton from $115.00 to $111.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Argus reissued a “positive” rating and issued a $105.00 price target on shares of Eaton in a report on Tuesday, January 21st. Finally, Credit Suisse Group boosted their price target on Eaton from $100.00 to $108.00 and gave the stock an “outperform” rating in a report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $102.56.
The stock has a market capitalization of $29.30 billion, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 1.37 and a beta of 1.29. The company has a 50 day moving average of $91.32 and a 200 day moving average of $90.20. The company has a quick ratio of 1.15, a current ratio of 1.70 and a debt-to-equity ratio of 0.51.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date is Thursday, March 12th. This is an increase from Eaton’s previous quarterly dividend of $0.71. Eaton’s payout ratio is 51.50%.
A number of hedge funds have recently bought and sold shares of the business. Sowa Financial Group Inc. purchased a new stake in Eaton during the fourth quarter valued at about $38,000. Macquarie Group Ltd. grew its position in Eaton by 1.5% during the fourth quarter. Macquarie Group Ltd. now owns 153,807 shares of the industrial products company’s stock valued at $14,569,000 after acquiring an additional 2,271 shares during the period. TFG Advisers LLC purchased a new stake in Eaton during the fourth quarter valued at about $45,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Eaton by 78.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 311,500 shares of the industrial products company’s stock valued at $29,570,000 after acquiring an additional 136,900 shares during the period. Finally, Engrave Wealth Partners LLC purchased a new stake in shares of Eaton in the fourth quarter worth about $98,000. 80.06% of the stock is owned by hedge funds and other institutional investors.
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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