Eaton (NYSE:ETN) Reaches New 12-Month Low After Analyst Downgrade

Eaton Co. plc (NYSE:ETN)’s stock price reached a new 52-week low during trading on Friday after Barclays lowered their price target on the stock from $315.00 to $306.00. Barclays currently has an equal weight rating on the stock. Eaton traded as low as $245.85 and last traded at $246.65, with a volume of 348107 shares trading hands. The stock had previously closed at $260.85.

ETN has been the topic of a number of other research reports. Citigroup decreased their target price on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Royal Bank of Canada lowered their price objective on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a research report on Thursday, March 6th. JPMorgan Chase & Co. cut their target price on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Evercore ISI decreased their price target on Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 19th. Finally, Melius cut Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a research note on Tuesday, January 28th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $356.68.

Hedge Funds Weigh In On Eaton

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ETN. United Bank acquired a new position in Eaton in the third quarter valued at $258,000. Morse Asset Management Inc acquired a new position in Eaton during the 3rd quarter worth approximately $33,000. Worldquant Millennium Advisors LLC raised its stake in shares of Eaton by 19.0% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 7,263 shares of the industrial products company’s stock worth $2,407,000 after buying an additional 1,158 shares in the last quarter. Wellington Management Group LLP grew its holdings in Eaton by 74.6% during the third quarter. Wellington Management Group LLP now owns 28,057 shares of the industrial products company’s stock worth $9,299,000 after acquiring an additional 11,992 shares during the period. Finally, Kovitz Investment Group Partners LLC raised its position in Eaton by 18.4% in the third quarter. Kovitz Investment Group Partners LLC now owns 44,559 shares of the industrial products company’s stock worth $14,769,000 after acquiring an additional 6,913 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Trading Down 5.6 %

The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The company has a market cap of $96.52 billion, a price-to-earnings ratio of 25.93, a P/E/G ratio of 2.64 and a beta of 1.09. The business has a fifty day simple moving average of $296.43 and a 200 day simple moving average of $330.13.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, topping analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter in the prior year, the company earned $2.55 EPS. On average, equities analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were paid a $1.04 dividend. This is an increase from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a yield of 1.69%. The ex-dividend date was Monday, March 10th. Eaton’s dividend payout ratio (DPR) is presently 43.79%.

Eaton Company Profile

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.