Investors Buy Eaton Corporation, PLC (NYSE:ETN) on Weakness on Disappointing Earnings

Traders purchased shares of Eaton Corporation, PLC (NYSE:ETN) on weakness during trading on Tuesday following a dissappointing earnings announcement. $191.94 million flowed into the stock on the tick-up and $156.74 million flowed out of the stock on the tick-down, for a money net flow of $35.20 million into the stock. Of all stocks tracked, Eaton Corporation, PLC had the 13th highest net in-flow for the day. Eaton Corporation, PLC traded down ($3.99) for the day and closed at $74.26The industrial products company reported $1.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.16 by $0.01. Eaton Corporation, PLC had a return on equity of 12.93% and a net margin of 9.95%. The firm had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm earned $1.07 EPS. The business’s revenue was up 1.0% compared to the same quarter last year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Friday, August 4th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend is Wednesday, August 2nd. Eaton Corporation, PLC’s payout ratio is 54.79%.

A number of analysts have issued reports on the company. BidaskClub downgraded Eaton Corporation, PLC from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Zacks Investment Research downgraded Eaton Corporation, PLC from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. JMP Securities began coverage on Eaton Corporation, PLC in a research report on Monday, June 19th. They set a “market perform” rating on the stock. ValuEngine raised Eaton Corporation, PLC from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Barclays PLC set a $81.00 target price on Eaton Corporation, PLC and gave the company a “hold” rating in a research report on Tuesday, May 2nd. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $78.54.

Institutional investors have recently modified their holdings of the company. Massmutual Trust Co. FSB ADV increased its position in shares of Eaton Corporation, PLC by 9.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,402 shares of the industrial products company’s stock worth $104,000 after buying an additional 120 shares in the last quarter. Harfst & Associates Inc. acquired a new position in shares of Eaton Corporation, PLC during the first quarter worth about $109,000. Captrust Financial Advisors acquired a new position in shares of Eaton Corporation, PLC during the second quarter worth about $133,000. Guardian Life Insurance Co. of America increased its position in shares of Eaton Corporation, PLC by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,742 shares of the industrial products company’s stock worth $129,000 after buying an additional 12 shares in the last quarter. Finally, Crestwood Advisors Group LLC acquired a new position in shares of Eaton Corporation, PLC during the first quarter worth about $137,000. Institutional investors own 76.59% of the company’s stock.

The firm has a market cap of $31.79 billion, a P/E ratio of 16.39 and a beta of 1.35. The stock has a 50-day moving average price of $77.44 and a 200 day moving average price of $75.02.

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Eaton Corporation, PLC Company Profile

Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.

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