Eaton Co. PLC (NYSE:ETN) Short Interest Down 21.2% in October

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Eaton Co. PLC (NYSE:ETN) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 9,050,000 shares, a decline of 21.2% from the September 30th total of 11,490,000 shares. Based on an average daily volume of 2,230,000 shares, the days-to-cover ratio is currently 4.1 days. Currently, 2.2% of the shares of the company are short sold.

In other Eaton news, Director Michael J. Critelli sold 10,000 shares of Eaton stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $92.00, for a total value of $920,000.00. Following the transaction, the director now directly owns 55,566 shares in the company, valued at $5,112,072. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Joao V. Faria sold 1,000 shares of Eaton stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $86.89, for a total transaction of $86,890.00. Following the completion of the transaction, the insider now owns 52,841 shares in the company, valued at $4,591,354.49. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,988 shares of company stock worth $7,359,428. 0.70% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. First Allied Advisory Services Inc. boosted its holdings in Eaton by 2.8% during the third quarter. First Allied Advisory Services Inc. now owns 19,807 shares of the industrial products company’s stock worth $1,635,000 after buying an additional 540 shares in the last quarter. Cetera Advisor Networks LLC boosted its holdings in Eaton by 3.8% during the third quarter. Cetera Advisor Networks LLC now owns 4,928 shares of the industrial products company’s stock worth $410,000 after buying an additional 181 shares in the last quarter. Trillium Asset Management LLC boosted its holdings in Eaton by 0.7% during the third quarter. Trillium Asset Management LLC now owns 174,056 shares of the industrial products company’s stock worth $14,473,000 after buying an additional 1,149 shares in the last quarter. BancorpSouth Bank boosted its holdings in Eaton by 3.8% during the third quarter. BancorpSouth Bank now owns 49,128 shares of the industrial products company’s stock worth $4,085,000 after buying an additional 1,808 shares in the last quarter. Finally, Corient Capital Partners LLC boosted its holdings in Eaton by 13.8% during the third quarter. Corient Capital Partners LLC now owns 19,551 shares of the industrial products company’s stock worth $1,626,000 after buying an additional 2,378 shares in the last quarter. 78.73% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have recently issued reports on the stock. Robert W. Baird boosted their price target on shares of Eaton from $80.00 to $87.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Royal Bank of Canada set a $84.00 price target on shares of Eaton and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Credit Suisse Group boosted their price target on shares of Eaton from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Wells Fargo & Co boosted their price target on shares of Eaton from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, Zacks Investment Research upgraded shares of Eaton from a “sell” rating to a “hold” rating and set a $94.00 price target on the stock in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $91.29.

Shares of Eaton stock traded up $0.11 on Thursday, reaching $90.89. 1,166,761 shares of the stock were exchanged, compared to its average volume of 2,348,389. The firm has a market capitalization of $37.98 billion, a PE ratio of 16.86, a PEG ratio of 1.83 and a beta of 1.42. Eaton has a 1-year low of $64.46 and a 1-year high of $92.96. The business has a fifty day moving average price of $84.52 and a two-hundred day moving average price of $81.46. The company has a current ratio of 1.72, a quick ratio of 1.10 and a debt-to-equity ratio of 0.52.

Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.01. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.51 billion. Eaton had a net margin of 11.06% and a return on equity of 15.15%. The firm’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.43 earnings per share. Research analysts expect that Eaton will post 5.73 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 1st will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Thursday, October 31st. Eaton’s dividend payout ratio is currently 52.69%.

About Eaton

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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