Eaton (NYSE:ETN) Shares Down 2.2% Following Insider Selling

Eaton Co. plc (NYSE:ETN)’s stock price fell 2.2% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $344.67 and last traded at $347.31. 764,663 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 2,074,190 shares. The stock had previously closed at $355.15.

Specifically, Director Gregory R. Page sold 10,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the sale, the director now directly owns 43,203 shares in the company, valued at $15,379,403.94. This trade represents a 18.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Analysts Set New Price Targets

Several research analysts recently weighed in on ETN shares. Morgan Stanley assumed coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Sanford C. Bernstein assumed coverage on shares of Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target for the company. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Barclays increased their target price on shares of Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Finally, Bank of America increased their price objective on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $367.83.

Eaton Price Performance

The firm has a 50-day moving average of $356.37 and a 200-day moving average of $326.88. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The firm has a market capitalization of $132.64 billion, a P/E ratio of 35.71, a PEG ratio of 2.74 and a beta of 1.03.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.47 EPS. As a group, analysts predict that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.12%. The ex-dividend date was Monday, November 4th. Eaton’s dividend payout ratio is 40.00%.

Institutional Trading of Eaton

Several institutional investors and hedge funds have recently modified their holdings of the company. Breakwater Investment Management boosted its holdings in shares of Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares during the last quarter. Groupama Asset Managment increased its position in Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 4,298 shares during the last quarter. LGT Financial Advisors LLC purchased a new stake in Eaton during the second quarter valued at $33,000. Morse Asset Management Inc purchased a new position in shares of Eaton in the 3rd quarter worth $33,000. Finally, West Financial Advisors LLC bought a new stake in shares of Eaton in the 3rd quarter worth about $35,000. 82.97% of the stock is currently owned by institutional investors.

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.