Eaton (NYSE:ETN) Price Target Raised to $392.00

Eaton (NYSE:ETN) had its target price upped by Royal Bank of Canada from $374.00 to $392.00 in a research report report published on Friday morning,Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

ETN has been the subject of several other reports. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Jefferies Financial Group lifted their price target on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Barclays increased their price objective on Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Wells Fargo & Company lifted their target price on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Finally, Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and increased their price target for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $368.83.

Eaton Trading Up 3.2 %

Shares of ETN stock opened at $342.58 on Friday. Eaton has a 12-month low of $233.73 and a 12-month high of $379.99. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average of $354.67 and a 200-day moving average of $328.11. The firm has a market cap of $135.39 billion, a P/E ratio of 36.44, a PEG ratio of 2.74 and a beta of 1.03.

Eaton (NYSE:ETN) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the business posted $2.47 earnings per share. Sell-side analysts anticipate that Eaton will post 10.8 earnings per share for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date was Monday, November 4th. Eaton’s payout ratio is currently 40.00%.

Insider Activity

In other news, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the sale, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,981 shares of company stock worth $27,660,117. 0.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eaton

Institutional investors have recently bought and sold shares of the stock. Breakwater Investment Management boosted its stake in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares during the period. Groupama Asset Managment boosted its position in Eaton by 83.2% during the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after buying an additional 4,298 shares during the period. LGT Financial Advisors LLC bought a new stake in Eaton in the 2nd quarter worth $33,000. Morse Asset Management Inc purchased a new position in shares of Eaton in the third quarter valued at about $33,000. Finally, West Financial Advisors LLC bought a new position in shares of Eaton during the third quarter valued at about $35,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

About Eaton

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.