Eaton (NYSE:ETN) Price Target Raised to $323.00

Eaton (NYSE:ETN) had its price target lifted by Barclays from $306.00 to $323.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

Several other brokerages also recently weighed in on ETN. Morgan Stanley cut their target price on shares of Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research note on Tuesday, May 6th. Jefferies Financial Group dropped their price objective on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. KeyCorp increased their target price on shares of Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Evercore ISI increased their target price on shares of Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a research report on Monday, May 19th. Finally, BNP Paribas Exane started coverage on shares of Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and a consensus target price of $368.78.

Eaton Price Performance

Eaton stock opened at $325.56 on Monday. Eaton has a 52 week low of $231.85 and a 52 week high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The firm’s 50-day simple moving average is $301.79 and its 200 day simple moving average is $315.72. The firm has a market capitalization of $127.39 billion, a PE ratio of 34.27, a P/E/G ratio of 2.64 and a beta of 1.16.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period in the previous year, the firm earned $2.40 EPS. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, equities research analysts predict that Eaton will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Insider Buying and Selling

In other Eaton news, insider Michael Yelton sold 2,120 shares of the stock in a transaction on 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 directly owns 3,382 shares of the company’s stock, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 51,054 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the completion of the sale, the insider now directly owns 489,444 shares in the company, valued at $149,490,880.92. This represents a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 over the last ninety days. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Eaton

Several large investors have recently added to or reduced their stakes in the stock. IMA Advisory Services Inc. acquired a new position in shares of Eaton during the first quarter valued at $25,000. Capital A Wealth Management LLC acquired a new position in shares of Eaton during the fourth quarter valued at $26,000. Flagship Wealth Advisors LLC acquired a new position in shares of Eaton during the fourth quarter valued at $27,000. Creative Financial Designs Inc. ADV grew its holdings in Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 51 shares during the period. Finally, Noble Wealth Management PBC acquired a new position in Eaton during the fourth quarter worth about $30,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Company Profile

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.