Short Interest in Eaton Co. plc (NYSE:ETN) Declines By 7.1%

Eaton Co. plc (NYSE:ETN) was the target of a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 4,730,000 shares, a decrease of 7.1% from the January 15th total of 5,090,000 shares. Based on an average trading volume of 2,560,000 shares, the days-to-cover ratio is presently 1.8 days. Approximately 1.2% of the shares of the stock are sold short.

Eaton Trading Up 1.3 %

NYSE:ETN traded up $3.87 during trading hours on Tuesday, hitting $313.04. The company had a trading volume of 2,682,265 shares, compared to its average volume of 3,393,905. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton has a 52 week low of $255.65 and a 52 week high of $379.99. The company has a market capitalization of $123.71 billion, a PE ratio of 32.95, a price-to-earnings-growth ratio of 2.37 and a beta of 1.05. The stock has a 50-day moving average price of $336.11 and a 200 day moving average price of $331.97.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter in the previous year, the company earned $2.55 EPS. On average, equities research analysts predict that Eaton will post 12.04 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the transaction, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the sale, the insider now owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. grew its stake in shares of Eaton by 48.9% in the third quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock worth $13,533,000 after acquiring an additional 13,497 shares during the last quarter. Lighthouse Wealth Management Inc. bought a new position in Eaton in the fourth quarter worth approximately $297,000. Webster Bank N. A. lifted its position in Eaton by 52.4% during the fourth quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock valued at $5,949,000 after purchasing an additional 6,166 shares in the last quarter. Ballentine Partners LLC lifted its position in shares of Eaton by 9.3% during the 4th quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock valued at $3,072,000 after buying an additional 790 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Eaton by 13.2% in the fourth quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock worth $4,804,000 after purchasing an additional 1,694 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ETN shares. Barclays lifted their price target on Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Citigroup dropped their target price on Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research report on Monday, January 13th. UBS Group initiated coverage on Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 target price for the company. Wells Fargo & Company decreased their price target on shares of Eaton from $350.00 to $335.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Finally, Jefferies Financial Group boosted their target price on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $369.20.

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.