Eaton Corporation, PLC Declares Quarterly Dividend of $0.60 (ETN)
Eaton Corporation, PLC (NYSE:ETN) announced a quarterly dividend on Tuesday, October 24th, RTT News reports. Stockholders of record on Friday, November 3rd will be given a dividend of 0.60 per share by the industrial products company on Friday, November 17th. This represents a $2.40 annualized dividend and a dividend yield of 3.06%.
Eaton Corporation, PLC has raised its dividend payment by an average of 10.7% annually over the last three years and has increased its dividend every year for the last 7 years. Eaton Corporation, PLC has a dividend payout ratio of 52.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Eaton Corporation, PLC to earn $5.08 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 47.2%.
Eaton Corporation, PLC (NYSE ETN) traded up 1.35% during midday trading on Tuesday, hitting $79.54. The stock had a trading volume of 726,505 shares. The stock’s 50-day moving average is $76.73 and its 200-day moving average is $76.14. The company has a market cap of $35.38 billion, a P/E ratio of 18.23 and a beta of 1.36. Eaton Corporation, PLC has a one year low of $59.07 and a one year high of $81.63.
Eaton Corporation, PLC (NYSE:ETN) last issued its earnings results on Tuesday, August 1st. The industrial products company reported $1.15 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.01). The business had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.14 billion. Eaton Corporation, PLC had a net margin of 9.95% and a return on equity of 12.93%. The business’s revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 EPS. Equities analysts predict that Eaton Corporation, PLC will post $4.59 EPS for the current fiscal year.
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Several analysts have commented on the stock. Buckingham Research assumed coverage on shares of Eaton Corporation, PLC in a research report on Tuesday, October 17th. They set a “neutral” rating and a $82.00 target price for the company. Bank of America Corporation cut shares of Eaton Corporation, PLC from a “buy” rating to an “underperform” rating in a research report on Tuesday, October 17th. Citigroup Inc. boosted their price target on shares of Eaton Corporation, PLC from $88.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 13th. Stifel Nicolaus reissued a “hold” rating and issued a $82.00 price target on shares of Eaton Corporation, PLC in a report on Thursday, October 12th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $88.00 price target (up previously from $87.00) on shares of Eaton Corporation, PLC in a report on Monday, October 2nd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company’s stock. Eaton Corporation, PLC presently has a consensus rating of “Hold” and a consensus price target of $81.38.
In related news, Director Deborah L. Mccoy sold 6,450 shares of the company’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $73.17, for a total value of $471,946.50. Following the completion of the transaction, the director now directly owns 46,386 shares of the company’s stock, valued at approximately $3,394,063.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.80% of the stock is currently owned by corporate insiders.
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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