Taras G. Szmagala Jr., Executive Vice President and Chief Legal Officer at Eaton Corp plc (NYSE:ETN), a $147 billion electrical equipment giant that has delivered an impressive 65% return over the past year, recently reported a series of stock transactions. On November 29, Szmagala sold a total of 1,328 ordinary shares, generating approximately $498,963. The shares were sold at prices ranging from $375.62 to $375.735.
In addition to the sales, Szmagala exercised stock options, acquiring a total of 2,570 shares at prices between $80.49 and $81.96, with the total value of these acquisitions amounting to $308,643. InvestingPro data reveals that Eaton maintains a "GREAT" financial health score and has raised its dividend for 15 consecutive years. Following these transactions, Szmagala's direct holdings of Eaton shares stand at 12,208.
In other recent news, Eaton Corporation has seen a series of analyst upgrades and downgrades, as well as significant corporate developments. Evercore ISI shifted its stance on Eaton from an Outperform rating to In Line, despite an above-consensus growth outlook. The firm cited limited potential for further upside, despite Eaton's strong performance over the past two years. Meanwhile, Bernstein initiated coverage on Eaton with an Outperform rating, predicting robust growth for its electrical business. Morgan Stanley (NYSE:MS) also demonstrated confidence in Eaton, increasing its price target from $370.00 to $385.00, while maintaining an Overweight rating.
Eaton also reported robust financial results, including a record adjusted earnings per share (EPS) of $2.84 and record segment margins. Despite a 7% revenue decline in the Vehicle segment and a slight 2% increase in e-mobility sales, the company's overall performance remains strong. Eaton plans to invest $1.5 billion in capital expenditures, focusing on high-growth areas.
On the leadership front, Eaton announced a transition, appointing Omar Zaire as president for the Corporate and Electrical Sector in the Europe, Middle East, and Africa (EMEA) region. Zaire brings extensive experience to the position, with 27 years in the electrical industry and 16 years at Eaton. These recent developments highlight the dynamic and evolving nature of Eaton Corporation's business operations.
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