Eaton (NYSE:ETN) Price Target Raised to $410.00 at Bank of America

Eaton (NYSE:ETN) had its target price increased by Bank of America from $350.00 to $410.00 in a research note published on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

Several other analysts have also recently issued reports on ETN. Citigroup began coverage on Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Morgan Stanley initiated coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective on the stock. Raymond James reduced their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Barclays dropped their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Finally, Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and an average price target of $357.83.

Eaton Price Performance

ETN opened at $358.99 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. Eaton has a 1 year low of $224.52 and a 1 year high of $373.49. The stock’s 50 day simple moving average is $335.82 and its 200 day simple moving average is $321.35. The firm has a market cap of $141.87 billion, a price-to-earnings ratio of 38.19, a PEG ratio of 2.96 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.47 earnings per share. As a group, analysts predict that Eaton will post 10.79 earnings per share for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be paid a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.05%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Buying and Selling at Eaton

In other Eaton news, Director Karenann K. Terrell bought 500 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the transaction, the director now owns 500 shares of the company’s stock, valued at $149,485. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares in the company, valued at $662,161.50. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold 68,705 shares of company stock valued at $24,516,346 over the last 90 days. 0.53% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Eaton

Several institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its position in shares of Eaton by 0.7% during the third quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock valued at $2,665,342,000 after purchasing an additional 56,516 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Eaton by 0.6% in the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after buying an additional 18,077 shares in the last quarter. Capital World Investors boosted its stake in Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after buying an additional 2,439,270 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Eaton by 32.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock valued at $801,798,000 after buying an additional 597,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Eaton by 253.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock worth $753,590,000 after acquiring an additional 1,629,856 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

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.