Eaton Co. plc (NYSE:ETN) Short Interest Up 9.4% in June

Eaton Co. plc (NYSE:ETN) saw a large growth in short interest during the month of June. As of June 30th, there was short interest totalling 4,060,000 shares, a growth of 9.4% from the June 15th total of 3,710,000 shares. Based on an average daily trading volume, of 2,170,000 shares, the short-interest ratio is presently 1.9 days.

Analyst Ratings Changes

ETN has been the topic of several recent analyst reports. Raymond James began coverage on Eaton in a research note on Friday, June 28th. They set an “outperform” rating and a $375.00 target price on the stock. Jefferies Financial Group lifted their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Wolfe Research reissued an “underperform” rating and issued a $312.00 target price on shares of Eaton in a research report on Monday, April 8th. Argus raised their price target on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, Barclays boosted their price objective on shares of Eaton from $316.00 to $318.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $323.06.

Insider Activity at Eaton

In other news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eaton

Hedge funds have recently made changes to their positions in the business. Verdence Capital Advisors LLC boosted its stake in Eaton by 1.7% in the 1st quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock worth $644,000 after purchasing an additional 34 shares during the period. Wendell David Associates Inc. boosted its position in shares of Eaton by 4.0% during the first quarter. Wendell David Associates Inc. now owns 936 shares of the industrial products company’s stock worth $293,000 after acquiring an additional 36 shares during the last quarter. Fragasso Group Inc. grew its stake in Eaton by 3.6% during the first quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock valued at $323,000 after acquiring an additional 36 shares in the last quarter. Valley National Advisers Inc. increased its holdings in Eaton by 5.6% in the 1st quarter. Valley National Advisers Inc. now owns 682 shares of the industrial products company’s stock valued at $213,000 after acquiring an additional 36 shares during the last quarter. Finally, FinTrust Capital Advisors LLC lifted its stake in Eaton by 2.6% in the 4th quarter. FinTrust Capital Advisors LLC now owns 1,481 shares of the industrial products company’s stock worth $357,000 after purchasing an additional 37 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Down 6.3 %

Shares of NYSE:ETN opened at $311.58 on Thursday. The stock has a 50 day moving average of $325.66 and a 200 day moving average of $300.25. The company has a market cap of $124.57 billion, a PE ratio of 36.79, a price-to-earnings-growth ratio of 2.78 and a beta of 1.02. Eaton has a 12-month low of $191.82 and a 12-month high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The company’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.88 earnings per share. As a group, equities research analysts expect that Eaton will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were issued a dividend of $0.94 per share. The ex-dividend date was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.21%. Eaton’s dividend payout ratio is presently 44.39%.

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.