Eaton Corporation, PLC (NYSE:ETN) to Issue $1.04 Quarterly Dividend

Eaton Corporation, PLC (NYSE:ETN - Get Free Report) declared a quarterly dividend on Wednesday, July 23rd, RTT News reports. Investors of record on Thursday, August 7th will be paid a dividend of 1.04 per share by the industrial products company on Friday, August 22nd. This represents a $4.16 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Thursday, August 7th.

Eaton has a payout ratio of 31.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Eaton to earn $13.52 per share next year, which means the company should continue to be able to cover its $3.76 annual dividend with an expected future payout ratio of 27.8%.

Eaton Stock Up 1.9%

Shares of NYSE ETN traded up $7.39 during trading on Friday, hitting $392.29. 2,106,513 shares of the company traded hands, compared to its average volume of 2,016,849. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The business's fifty day moving average is $344.57 and its 200 day moving average is $316.02. The firm has a market capitalization of $153.50 billion, a price-to-earnings ratio of 39.59, a P/E/G ratio of 2.96 and a beta of 1.17. Eaton has a fifty-two week low of $231.85 and a fifty-two week high of $393.07.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. Eaton's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.40 earnings per share. Equities research analysts predict that Eaton will post 12.02 earnings per share for the current fiscal year.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the sale, the insider directly owned 490,208 shares of the company's stock, valued at approximately $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the sale, the insider owned 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 over the last three months. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Revolve Wealth Partners LLC lifted its holdings in Eaton by 17.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock valued at $303,000 after acquiring an additional 136 shares during the period. Brighton Jones LLC increased its position in shares of Eaton by 1.4% in the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock valued at $1,109,000 after buying an additional 45 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in Eaton by 5.6% in the 1st quarter. Empowered Funds LLC now owns 9,402 shares of the industrial products company's stock worth $2,556,000 after acquiring an additional 496 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

ETN has been the topic of a number of research reports. Wells Fargo & Company boosted their price objective on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $396.00 price target on shares of Eaton in a report on Monday, July 14th. BNP Paribas initiated coverage on shares of Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. JPMorgan Chase & Co. increased their target price on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Finally, Citigroup increased their price target on shares of Eaton from $351.00 to $420.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Eaton has an average rating of "Moderate Buy" and a consensus target price of $377.89.

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.