Eaton (NYSE:ETN) Shares Gap Up After Dividend Announcement

Eaton Co. plc (NYSE:ETN)’s stock price gapped up prior to trading on Wednesday following a dividend announcement from the company. The stock had previously closed at $266.91, but opened at $288.95. Eaton shares last traded at $282.19, with a volume of 809,300 shares.

The newly announced dividend which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.51%. The ex-dividend date is Monday, May 5th. Eaton’s payout ratio is currently 43.79%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Melius Research reaffirmed a “hold” rating and issued a $373.00 target price on shares of Eaton in a report on Tuesday, January 28th. Barclays decreased their price objective on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating on the stock in a report on Friday, April 4th. Jefferies Financial Group reduced their price target on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. Melius cut Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a report on Tuesday, January 28th. Finally, StockNews.com downgraded Eaton from a “buy” rating to a “hold” rating in a research report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $350.22.

Eaton Trading Up 3.3 %

The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The business’s 50-day moving average is $282.46 and its two-hundred day moving average is $323.96. The firm has a market cap of $108.02 billion, a P/E ratio of 29.02, a P/E/G ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping 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 firm earned $2.55 earnings per share. As a group, analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eaton

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Eaton in the fourth quarter worth $1,495,582,000. GAMMA Investing LLC lifted its holdings in shares of Eaton by 27,281.9% during the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock worth $976,772,000 after buying an additional 3,580,198 shares during the last quarter. Capital International Investors acquired a new position in Eaton during the 4th quarter valued at $523,541,000. Proficio Capital Partners LLC grew its position in Eaton by 42,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock worth $243,036,000 after buying an additional 730,594 shares in the last quarter. Finally, Leigh Baldwin & CO. LLC bought a new stake in shares of Eaton during the fourth quarter valued at approximately $231,552,000. 82.97% of the stock is owned by institutional investors and hedge funds.

About Eaton

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.