Oppenheimer Analysts Cut Earnings Estimates for Eaton Co. PLC (NYSE:ETN)

Eaton Co. PLC (NYSE:ETN) – Oppenheimer dropped their FY2020 EPS estimates for Eaton in a report released on Tuesday, July 30th, according to Zacks Investment Research. Oppenheimer analyst C. Glynn now anticipates that the industrial products company will post earnings per share of $6.15 for the year, down from their prior forecast of $6.20.

Several other equities analysts have also commented on the company. Royal Bank of Canada set a $84.00 target price on Eaton and gave the company a “hold” rating in a report on Wednesday, July 31st. Barclays reissued a “sell” rating and issued a $76.00 price objective on shares of Eaton in a report on Thursday, June 6th. Deutsche Bank set a $96.00 price objective on Eaton and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Morgan Stanley increased their price objective on Eaton from $88.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $88.55.

Shares of NYSE:ETN traded down $1.78 during trading on Thursday, hitting $76.59. 3,884,795 shares of the company traded hands, compared to its average volume of 2,604,431. The stock has a market capitalization of $33.03 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 1.53 and a beta of 1.44. The business’s fifty day moving average is $79.76 and its 200-day moving average is $80.27. Eaton has a one year low of $64.46 and a one year high of $89.46. The company has a quick ratio of 1.18, a current ratio of 1.83 and a debt-to-equity ratio of 0.51.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $1.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.02. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.63 billion. Eaton had a return on equity of 14.88% and a net margin of 10.16%. The business’s revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.39 earnings per share.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 2nd were issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date was Thursday, August 1st. Eaton’s dividend payout ratio (DPR) is 52.69%.

In related news, insider Richard H. Fearon sold 80,592 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $82.75, for a total value of $6,668,988.00. Following the completion of the transaction, the insider now directly owns 270,097 shares of the company’s stock, valued at approximately $22,350,526.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.70% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Financial Gravity Wealth Inc. acquired a new stake in shares of Eaton during the 1st quarter valued at $25,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Eaton during the 2nd quarter valued at $25,000. Destination Wealth Management lifted its position in shares of Eaton by 103.2% during the 1st quarter. Destination Wealth Management now owns 319 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 162 shares during the last quarter. Hexavest Inc. acquired a new stake in shares of Eaton during the 2nd quarter valued at $28,000. Finally, Kings Point Capital Management acquired a new stake in shares of Eaton during the 2nd quarter valued at $28,000. Hedge funds and other institutional investors own 77.20% of the company’s stock.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.

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Earnings History and Estimates for Eaton (NYSE:ETN)

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