Eaton Corporation, PLC (NYSE:ETN) fell 0.3% on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $72.16 and last traded at $73.85, with a volume of 2,396,147 shares traded. The stock had previously closed at $73.66.
The industrial products company reported $1.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.16 by $0.01. Eaton Corporation, PLC had a net margin of 9.95% and a return on equity of 12.93%. The business had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the business posted $1.07 EPS. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Friday, August 4th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend is Wednesday, August 2nd. Eaton Corporation, PLC’s dividend payout ratio (DPR) is 54.79%.
Several equities research analysts recently weighed in on the company. Stifel Nicolaus reissued a “hold” rating and set a $80.00 price objective on shares of Eaton Corporation, PLC in a report on Friday, July 7th. Zacks Investment Research raised Eaton Corporation, PLC from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a report on Friday, May 12th. BidaskClub downgraded Eaton Corporation, PLC from a “sell” rating to a “strong sell” rating in a report on Thursday. Royal Bank Of Canada reaffirmed a “hold” rating and set a $78.00 target price on shares of Eaton Corporation, PLC in a report on Wednesday, July 12th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $75.00 target price on shares of Eaton Corporation, PLC in a report on Tuesday, May 2nd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $78.54.
A number of hedge funds have recently modified their holdings of ETN. Massmutual Trust Co. FSB ADV increased its position in 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 period. Harfst & Associates Inc. bought a new position in Eaton Corporation, PLC during the first quarter worth about $109,000. Tompkins Financial Corp bought a new position in Eaton Corporation, PLC during the first quarter worth about $124,000. Guardian Life Insurance Co. of America increased its position in Eaton Corporation, PLC by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,742 shares of the industrial products company’s stock worth $129,000 after buying an additional 12 shares during the period. Finally, Captrust Financial Advisors bought a new position in Eaton Corporation, PLC during the second quarter worth about $133,000. 76.59% of the stock is owned by institutional investors and hedge funds.
The company has a market capitalization of $31.79 billion, a price-to-earnings ratio of 16.39 and a beta of 1.35. The stock’s 50-day moving average price is $77.44 and its 200-day moving average price is $75.02.
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Eaton Corporation, PLC Company Profile
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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