Eaton (NYSE:ETN) Reaches New 12-Month High - Here's Why

Eaton Corporation, PLC (NYSE:ETN - Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $380.62 and last traded at $379.42, with a volume of 2512297 shares. The stock had previously closed at $362.89.

Wall Street Analyst Weigh In

ETN has been the subject of several recent research reports. BNP Paribas Exane initiated coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. Morgan Stanley lowered their target price on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Evercore ISI raised their price target on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. JPMorgan Chase & Co. increased their target price on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, Wells Fargo & Company boosted their target price on Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $377.89.

Eaton Price Performance

The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The stock has a market cap of $148.88 billion, a price-to-earnings ratio of 38.39, a price-to-earnings-growth ratio of 2.74 and a beta of 1.17. The stock has a fifty day simple moving average of $336.45 and a 200-day simple moving average of $314.15.

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

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's payout ratio is presently 41.98%.

Insiders Place Their Bets

In related news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the sale, the insider owned 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on 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 directly owned 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 156,660 shares of company stock valued at $49,622,894. Company insiders own 0.30% of the company's stock.

Institutional Trading of Eaton

Several hedge funds have recently bought and sold shares of the business. HCR Wealth Advisors grew its position in shares of Eaton by 39.5% during the 2nd quarter. HCR Wealth Advisors now owns 5,229 shares of the industrial products company's stock valued at $1,867,000 after acquiring an additional 1,481 shares during the period. Independence Bank of Kentucky increased its position in shares of Eaton by 3.3% during the second quarter. Independence Bank of Kentucky now owns 6,467 shares of the industrial products company's stock valued at $2,309,000 after buying an additional 205 shares during the period. ORG Partners LLC increased its holdings in shares of Eaton by 20.7% in the second quarter. ORG Partners LLC now owns 978 shares of the industrial products company's stock worth $347,000 after purchasing an additional 168 shares during the period. Old Port Advisors purchased a new stake in shares of Eaton in the 2nd quarter valued at about $214,000. Finally, ST Germain D J Co. Inc. lifted its position in Eaton by 1.5% during the second quarter. ST Germain D J Co. Inc. now owns 30,486 shares of the industrial products company's stock valued at $10,883,000 after purchasing an additional 462 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.