Eaton (NYSE:ETN) Sets New 52-Week Low on Analyst Downgrade

by · The Markets Daily

Shares of Eaton Co. plc (NYSE:ETN – Get Free Report) reached a new 52-week low 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 traded. The stock had previously closed at $260.85.

Several other brokerages have also recently weighed in on ETN. Wells Fargo & Company decreased their price target on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Melius Research reiterated a “hold” rating and issued a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. StockNews.com downgraded Eaton from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Evercore ISI reduced their price target on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Finally, KeyCorp upgraded Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price objective on the stock in a research note on Wednesday, March 12th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $356.68.

Read Our Latest Analysis on Eaton

Institutional Investors Weigh In On Eaton

A number of hedge funds have recently made changes to their positions in the stock. Capital A Wealth Management LLC acquired a new stake in shares of Eaton during the 4th quarter valued at $26,000. Flagship Wealth Advisors LLC acquired a new stake in Eaton during the 4th quarter worth approximately $27,000. Noble Wealth Management PBC bought a new stake in Eaton during the 4th quarter worth approximately $30,000. Groupama Asset Managment increased its position in Eaton by 83.2% in the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 4,298 shares during the period. Finally, Horizon Bancorp Inc. IN lifted its holdings in shares of Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 74 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Down 5.3 %

The firm has a market capitalization of $96.79 billion, a price-to-earnings ratio of 25.89, a P/E/G ratio of 2.64 and a beta of 1.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The stock has a fifty day moving average of $298.88 and a two-hundred day moving average of $330.42.

Eaton (NYSE:ETN – Get Free Report) last released its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the prior year, the business earned $2.55 earnings per share. Sell-side analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were given a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.68%. This is a boost from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio (DPR) is currently 43.79%.

About Eaton

(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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