Traders Sell Shares of Eaton Corporation, PLC (NYSE:ETN) on Strength (NYSE:ETN)

Investors sold shares of Eaton Corporation, PLC (NYSE:ETN) on strength during trading on Wednesday. $37.78 million flowed into the stock on the tick-up and $59.05 million flowed out of the stock on the tick-down, for a money net flow of $21.27 million out of the stock. Of all companies tracked, Eaton Corporation, PLC had the 21st highest net out-flow for the day. Eaton Corporation, PLC traded up $0.15 for the day and closed at $73.14

ETN has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Eaton Corporation, PLC from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a report on Friday, May 26th. Stifel Nicolaus reiterated a “hold” rating and set a $80.00 target price on shares of Eaton Corporation, PLC in a report on Friday, July 7th. Wolfe Research initiated coverage on shares of Eaton Corporation, PLC in a report on Tuesday, July 11th. They set a “market perform” rating on the stock. Argus reiterated a “buy” rating and set a $85.00 target price (up from $83.00) on shares of Eaton Corporation, PLC in a report on Tuesday, May 30th. Finally, Barclays PLC set a $81.00 target price on shares of Eaton Corporation, PLC and gave the stock a “hold” rating in a report on Tuesday, May 2nd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $78.54.

The stock has a market cap of $32.53 billion, a P/E ratio of 16.77 and a beta of 1.35. The company’s 50 day moving average price is $78.02 and its 200 day moving average price is $74.85.

Eaton Corporation, PLC (NYSE:ETN) last posted its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by $0.01. The company had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.14 billion. Eaton Corporation, PLC had a net margin of 9.95% and a return on equity of 12.93%. The company’s revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.07 earnings per share. On average, analysts anticipate that Eaton Corporation, PLC will post $4.61 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Friday, August 4th will be issued a $0.60 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $2.40 annualized dividend and a yield of 3.28%. Eaton Corporation, PLC’s dividend payout ratio is presently 54.79%.

A number of hedge funds have recently bought and sold shares of ETN. Wellington Management Group LLP boosted its stake in Eaton Corporation, PLC by 2.4% in the first quarter. Wellington Management Group LLP now owns 37,607,505 shares of the industrial products company’s stock valued at $2,788,596,000 after buying an additional 875,616 shares in the last quarter. Vanguard Group Inc. boosted its stake in Eaton Corporation, PLC by 2.3% in the first quarter. Vanguard Group Inc. now owns 30,348,561 shares of the industrial products company’s stock valued at $2,250,347,000 after buying an additional 695,285 shares in the last quarter. BlackRock Inc. boosted its stake in Eaton Corporation, PLC by 2,830.8% in the first quarter. BlackRock Inc. now owns 29,114,265 shares of the industrial products company’s stock valued at $2,158,821,000 after buying an additional 28,120,890 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Eaton Corporation, PLC by 1.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,762,234 shares of the industrial products company’s stock valued at $723,870,000 after buying an additional 170,461 shares in the last quarter. Finally, FMR LLC boosted its stake in Eaton Corporation, PLC by 9.5% in the first quarter. FMR LLC now owns 9,180,438 shares of the industrial products company’s stock valued at $680,729,000 after buying an additional 794,975 shares in the last quarter. 76.59% of the stock is currently owned by hedge funds and other institutional investors.

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About Eaton Corporation, PLC

Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.

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