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.

Dividend History for Eaton Corporation, PLC (NYSE:ETN)

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