Eaton Co., PLC Lowered to “Hold” at Deutsche Bank (ETN)
Eaton Co., PLC (NYSE:ETN) was downgraded by research analysts at Deutsche Bank from a “buy” rating to a “hold” rating in a report released on Wednesday, TheFlyOnTheWall.com reports.
Eaton Co., PLC (NYSE:ETN) traded down 1.62% on Wednesday, hitting $69.37. The stock had a trading volume of 4,073,985 shares. Eaton Co., PLC has a 1-year low of $62.89 and a 1-year high of $79.98. The stock has a 50-day moving average of $77.18 and a 200-day moving average of $74.41. The company has a market cap of $33.069 billion and a price-to-earnings ratio of 17.50.
Eaton Co., PLC (NYSE:ETN) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $1.11 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.15 by $0.04. The company had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.78 billion. During the same quarter last year, the company posted $1.09 earnings per share. Eaton Co., PLC’s revenue was up 2.9% compared to the same quarter last year. On average, analysts predict that Eaton Co., PLC will post $4.71 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 22nd. Shareholders of record on Monday, August 4th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend is Thursday, July 31st.
A number of other firms have also recently commented on ETN. Analysts at Goldman Sachs downgraded shares of Eaton Co., PLC from a “buy” rating to a “neutral” rating in a research note on Wednesday. Separately, analysts at JPMorgan Chase & Co. downgraded shares of Eaton Co., PLC from an “overweight” rating to a “neutral” rating in a research note on Wednesday. They now have a $75.00 price target on the stock, down previously from $85.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Eaton Co., PLC in a research note on Thursday, July 10th. They now have a $82.00 price target on the stock. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $80.94.
Eaton Corporation (NYSE:ETN) is a diversified power management company.
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