Eaton (NYSE:ETN) Price Target Raised to $360.00

Eaton (NYSE:ETN) had its price objective increased by Wells Fargo & Company from $310.00 to $360.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the industrial products company’s stock.

ETN has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Barclays raised their price objective on shares of Eaton from $306.00 to $323.00 and gave the company an “equal weight” rating in a research note on Monday, June 9th. BNP Paribas initiated coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective on the stock. Jefferies Financial Group lowered their target price on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. Finally, BNP Paribas Exane initiated coverage on shares of Eaton in a report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price for the company. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $369.06.

Eaton Stock Up 1.1%

Shares of NYSE ETN opened at $361.98 on Tuesday. The firm has a market cap of $141.64 billion, a PE ratio of 36.53, a P/E/G ratio of 2.70 and a beta of 1.17. Eaton has a 12-month low of $231.85 and a 12-month high of $379.99. The company’s fifty day simple moving average is $324.90 and its 200 day simple moving average is $312.84. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the company posted $2.40 earnings per share. The business’s revenue was up 7.3% on a year-over-year basis. As a group, sell-side analysts forecast that Eaton will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.15%. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Insider Activity

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

Hedge Funds Weigh In On Eaton

Several large investors have recently modified their holdings of ETN. GAMMA Investing LLC grew its stake in Eaton by 0.7% during the first quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company’s stock valued at $3,593,000 after acquiring an additional 96 shares in the last quarter. Bearing Point Capital LLC purchased a new position in Eaton during the fourth quarter valued at approximately $2,713,000. Brighton Jones LLC grew its stake in Eaton by 4.9% during the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company’s stock valued at $953,000 after acquiring an additional 164 shares in the last quarter. Kennebec Savings Bank grew its stake in Eaton by 5.4% during the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company’s stock valued at $738,000 after acquiring an additional 139 shares in the last quarter. Finally, American National Bank & Trust grew its stake in Eaton by 5.4% during the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company’s stock valued at $855,000 after acquiring an additional 162 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

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.