The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Eaton Corporation plc shares valued at $3,796,031 were sold by Monesmith Heath B. on Mar 11 ’24. At $291.40 per share, Monesmith Heath B. sold 13,027 shares. The insider’s holdings dropped to 69,472 shares worth approximately $21.84 million following the completion of this transaction.
Also, Szmagala Taras G. Jr. sold 8,157 shares, netting a total of over 2,390,625 in proceeds. Following the sale of shares at $293.08 each, the insider now holds 7,866 shares.
Before that, Yelton Michael had sold 2,615 shares from its account. In a trade valued at $767,956, the insider traded Eaton Corporation plc shares for $293.67 each. Upon closing the transaction, the insider’s holdings decreased to 2,615 shares, worth approximately $0.89 million.
As published in a research note from Wolfe Research on April 08, 2024, Eaton Corporation plc [ETN] has been rated down from a Peer perform to an Underperform. Analysts at RBC Capital Mkts upgraded the stock from ‘”a Sector perform”‘ to ‘”an Outperform”‘ outlook in a report released in early April. As of April 02, 2024, Barclays has increased its “an Underweight” rating to a “an Equal weight” for ETN. Earlier on October 06, 2023, JP Morgan upgraded its rating. Their new recommendation was “an Overweight” for ETN stock which previously was a “a Neutral”.
Analyzing ETN Stock Performance
During the last five days, there has been a drop of approximately -2.05%. Over the course of the year, Eaton Corporation plc shares have jumped approximately 30.54%. Shares of the company reached a 52-week high of $331.47 on 04/05/24 and a 52-week low of $231.84 on 01/03/24. A 50-day SMA is recorded $293.02, while a 200-day SMA reached $238.53. Nevertheless, trading volume fell to 2.37 million shares from 4.07 million shares the previous day.
Support And Resistance Levels for Eaton Corporation plc (ETN)
According to the 24-hour chart, there is a support level at 307.93, which, if violated, would cause prices to drop to 301.49. In the upper region, resistance lies at 319.09. The next price resistance is at 323.81. RSI (Relative Strength Index) is 56.88 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.19, which suggests the price will increase in the coming days. Percent R is at 67.70%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Eaton Corporation plc subject to short interest?
Stocks of Eaton Corporation plc saw a sharp rise in short interest on Mar 28, 2024 jumping by 0.49 million shares to 3.64 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 3.15 million shares. A jump of 13.46% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.83 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.83.
