Bank of America Corporation Lowers Eaton Corporation, PLC (ETN) to Underperform

Bank of America Corporation cut shares of Eaton Corporation, PLC (NYSE:ETN) from a buy rating to an underperform rating in a research report report published on Tuesday, October 17th, MarketBeat Ratings reports.

A number of other analysts have also recently weighed in on ETN. JMP Securities began coverage on Eaton Corporation, PLC in a research note on Monday, June 19th. They issued a market perform rating on the stock. Zacks Investment Research cut Eaton Corporation, PLC from a buy rating to a hold rating in a research note on Monday, July 31st. Morgan Stanley restated an overweight rating and issued a $88.00 price target (up from $87.00) on shares of Eaton Corporation, PLC in a research note on Monday, October 2nd. BidaskClub lowered Eaton Corporation, PLC from a hold rating to a sell rating in a report on Monday, July 31st. Finally, Royal Bank Of Canada reaffirmed a hold rating and set a $78.00 price objective on shares of Eaton Corporation, PLC in a report on Wednesday, July 12th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $81.38.

Shares of Eaton Corporation, PLC (ETN) traded up 0.34% during mid-day trading on Tuesday, reaching $79.77. The company’s stock had a trading volume of 1,987,626 shares. Eaton Corporation, PLC has a 52-week low of $59.07 and a 52-week high of $81.63. The company has a 50-day moving average price of $77.03 and a 200 day moving average price of $76.20. The company has a market cap of $35.48 billion, a PE ratio of 18.29 and a beta of 1.36.

Eaton Corporation, PLC (NYSE:ETN) last posted its quarterly earnings results on Tuesday, August 1st. 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 quarter in the prior year, the business earned $1.07 earnings per share. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. Equities analysts expect that Eaton Corporation, PLC will post $4.59 earnings per share for the current year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Friday, November 3rd will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Thursday, November 2nd. Eaton Corporation, PLC’s dividend payout ratio is presently 54.79%.

In other news, Director Deborah L. Mccoy sold 6,450 shares of Eaton Corporation, PLC stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $73.17, for a total transaction of $471,946.50. Following the completion of the sale, the director now directly owns 46,386 shares in the company, valued at approximately $3,394,063.62. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.80% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE lifted its position in shares of Eaton Corporation, PLC by 17.0% during the 1st quarter. Bank of America Corp DE now owns 6,407,605 shares of the industrial products company’s stock valued at $475,123,000 after acquiring an additional 932,400 shares during the period. Vanguard Group Inc. lifted its position in shares of Eaton Corporation, PLC by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 30,348,561 shares of the industrial products company’s stock valued at $2,250,347,000 after acquiring an additional 695,285 shares during the period. Lazard Asset Management LLC lifted its position in shares of Eaton Corporation, PLC by 8.2% during the 1st quarter. Lazard Asset Management LLC now owns 5,849,259 shares of the industrial products company’s stock valued at $433,722,000 after acquiring an additional 443,090 shares during the period. Matrix Asset Advisors Inc. NY lifted its position in shares of Eaton Corporation, PLC by 0.5% during the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 312,454 shares of the industrial products company’s stock valued at $24,318,000 after acquiring an additional 1,455 shares during the period. Finally, UBS Group AG lifted its position in shares of Eaton Corporation, PLC by 1.6% during the 1st quarter. UBS Group AG now owns 1,810,784 shares of the industrial products company’s stock valued at $134,270,000 after acquiring an additional 28,426 shares during the period. Institutional investors own 75.90% of the company’s stock.

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.

Analyst Recommendations for Eaton Corporation, PLC (NYSE:ETN)

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