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

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

Insider Activity at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the sale, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the sale, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the sale, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,969 shares of company stock worth $10,904,774. 0.33% of the stock is owned by insiders.

Institutional Trading of Eaton

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

Eaton Stock Performance

Shares of ETN traded up $2.98 during mid-day trading on Tuesday, reaching $315.01. The company’s stock had a trading volume of 2,773,134 shares, compared to its average volume of 1,782,023. Eaton has a 1-year low of $155.38 and a 1-year high of $317.02. The stock has a market cap of $125.85 billion, a P/E ratio of 39.25, a PEG ratio of 2.59 and a beta of 1.07. The business has a 50-day simple moving average of $284.53 and a two-hundred day simple moving average of $245.06. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43.

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

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 11th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.19%. This is a boost from Eaton’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend was Friday, March 8th. Eaton’s dividend payout ratio (DPR) is presently 46.88%.

Analyst Ratings Changes

Several research analysts have recently weighed in on ETN shares. Berenberg Bank upped their price objective on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. The Goldman Sachs Group upped their price objective on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Wells Fargo & Company upped their price objective on Eaton from $220.00 to $257.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 19th. Bank of America upped their price objective on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Finally, Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $250.00 to $300.00 in a research report on Tuesday. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $281.73.

Read Our Latest Stock Analysis on ETN

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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