Eaton Corporation, PLC to Issue Quarterly Dividend of $0.60 (NYSE:ETN)
Eaton Corporation, PLC (NYSE:ETN) declared a quarterly dividend on Tuesday, July 25th, RTT News reports. Shareholders of record on Friday, August 4th will be paid a dividend of 0.60 per share by the industrial products company on Friday, August 18th. This represents a $2.40 dividend on an annualized basis and a yield of 3.05%.
Eaton Corporation, PLC has increased its dividend payment by an average of 10.7% annually over the last three years and has raised its dividend every year for the last 7 years. Eaton Corporation, PLC has a dividend payout ratio of 51.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Eaton Corporation, PLC to earn $5.13 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 46.8%.
Shares of Eaton Corporation, PLC (ETN) traded up 0.769% on Tuesday, reaching $79.255. The company’s stock had a trading volume of 669,845 shares. The firm has a market capitalization of $35.45 billion, a PE ratio of 18.461 and a beta of 1.35. Eaton Corporation, PLC has a one year low of $59.07 and a one year high of $81.63. The firm has a 50-day moving average price of $77.81 and a 200 day moving average price of $74.42.
Eaton Corporation, PLC (NYSE:ETN) last announced its earnings results on Tuesday, May 2nd. The industrial products company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.09. The business had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Eaton Corporation, PLC had a return on equity of 12.82% and a net margin of 9.86%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 EPS. On average, analysts anticipate that Eaton Corporation, PLC will post $4.66 earnings per share for the current fiscal year.
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In related news, insider Uday Yadav sold 3,034 shares of Eaton Corporation, PLC stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $76.08, for a total value of $230,826.72. Following the sale, the insider now directly owns 22,601 shares in the company, valued at approximately $1,719,484.08. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Richard H. Fearon sold 25,000 shares of Eaton Corporation, PLC stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $76.24, for a total value of $1,906,000.00. Following the completion of the sale, the insider now owns 236,497 shares in the company, valued at $18,030,531.28. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.
Several analysts have issued reports on ETN shares. Credit Suisse Group reaffirmed a “buy” rating on shares of Eaton Corporation, PLC in a research report on Tuesday, March 28th. Citigroup Inc. raised their price objective on Eaton Corporation, PLC from $80.00 to $86.00 and gave the stock a “buy” rating in a research report on Monday, April 3rd. Longbow Research raised Eaton Corporation, PLC from a “neutral” rating to a “buy” rating and set a $88.00 price objective for the company in a research report on Tuesday, April 4th. Zacks Investment Research raised Eaton Corporation, PLC from a “hold” rating to a “buy” rating and set a $83.00 price objective for the company in a research report on Wednesday, April 19th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $75.00 price objective on shares of Eaton Corporation, PLC in a research report on Tuesday, May 2nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $78.54.
About Eaton Corporation, PLC
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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