Eaton (NYSE:ETN) Price Target Raised to $349.00

by · The Cerbat Gem

Eaton (NYSE:ETN – Free Report) had its price target lifted by Evercore ISI from $326.00 to $349.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an in-line rating on the industrial products company’s stock.

A number of other research analysts also recently issued reports on ETN. StockNews.com upgraded Eaton from a “hold” rating to a “buy” rating in a research note on Sunday. Barclays reduced their price objective on Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a research note on Friday, April 4th. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a research note on Tuesday, January 28th. Melius Research restated a “hold” rating and issued a $373.00 price objective on shares of Eaton in a research note on Tuesday, January 28th. Finally, Jefferies Financial Group reduced their price objective on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $367.83.

Read Our Latest Stock Report on Eaton

Eaton Stock Down 1.8%

Shares of NYSE:ETN opened at $322.32 on Monday. The business’s 50 day moving average is $289.60 and its 200 day moving average is $319.51. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. Eaton has a 12-month low of $231.85 and a 12-month high of $379.99. The stock has a market cap of $126.12 billion, a price-to-earnings ratio of 33.93, a PEG ratio of 2.64 and a beta of 1.14.

Eaton (NYSE:ETN – Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.40 EPS. On average, sell-side analysts forecast that Eaton will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be issued a dividend of $1.04 per share. The ex-dividend date is Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.29%. Eaton’s dividend payout ratio (DPR) is 41.98%.

Insider Buying and Selling

In other Eaton news, insider Michael Yelton sold 2,120 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider now owns 3,382 shares of the company’s stock, valued at $1,004,014.34. This trade represents a 38.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Craig Arnold sold 103,486 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider now directly owns 490,208 shares in the company, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 156,660 shares of company stock valued at $49,622,894. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of Eaton

Several institutional investors and hedge funds have recently modified their holdings of ETN. Vanguard Group Inc. increased its position in shares of Eaton by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company’s stock valued at $10,195,725,000 after purchasing an additional 289,819 shares during the last quarter. FMR LLC increased its position in shares of Eaton by 1.2% during the 4th quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock valued at $5,051,807,000 after purchasing an additional 182,455 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Eaton by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock valued at $2,714,677,000 after purchasing an additional 129,071 shares during the last quarter. Nuveen LLC bought a new position in shares of Eaton during the 1st quarter valued at about $1,472,231,000. Finally, Nuveen Asset Management LLC increased its position in shares of Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock valued at $1,550,226,000 after purchasing an additional 192,482 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

About Eaton

(Get Free Report)

Eaton Corporation plc operates as a power management company worldwide. The company’s Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.

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