JPMorgan Chase & Co. Boosts Eaton (NYSE:ETN) Price Target to $360.00

Eaton (NYSE:ETN) had its price target increased by JPMorgan Chase & Co. from $300.00 to $360.00 in a research report report published on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the industrial products company’s stock.

A number of other research analysts also recently commented on ETN. Melius Research reissued a “hold” rating and issued a $373.00 price objective on shares of Eaton in a research report on Tuesday, January 28th. Royal Bank of Canada lifted their price target on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. BNP Paribas started coverage on Eaton in a research note on Thursday. They issued an “outperform” rating and a $380.00 price objective on the stock. KeyCorp lifted their target price on Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Finally, Evercore ISI dropped their price target on Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 19th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $366.56.

Eaton Price Performance

Shares of ETN opened at $329.40 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The stock has a market cap of $128.89 billion, a P/E ratio of 34.67, a price-to-earnings-growth ratio of 2.64 and a beta of 1.14. The stock’s 50-day moving average price is $287.40 and its two-hundred day moving average price is $319.47. Eaton has a 1 year low of $231.85 and a 1 year high of $379.99.

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

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be issued a $1.04 dividend. The ex-dividend date is Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.26%. Eaton’s payout ratio is 41.98%.

Insider Transactions at Eaton

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

Institutional Investors Weigh In On Eaton

Institutional investors have recently added to or reduced their stakes in the stock. Regent Peak Wealth Advisors LLC acquired a new stake in Eaton during the 4th quarter worth $532,000. Brookstone Capital Management lifted its stake in shares of Eaton by 2.0% in the fourth quarter. Brookstone Capital Management now owns 2,820 shares of the industrial products company’s stock worth $936,000 after buying an additional 54 shares in the last quarter. Oak Thistle LLC acquired a new position in Eaton during the fourth quarter worth about $332,000. Kathmere Capital Management LLC grew its stake in Eaton by 8.7% during the 4th quarter. Kathmere Capital Management LLC now owns 1,089 shares of the industrial products company’s stock valued at $361,000 after acquiring an additional 87 shares in the last quarter. Finally, Park Avenue Securities LLC raised its holdings in Eaton by 19.8% in the 4th quarter. Park Avenue Securities LLC now owns 13,520 shares of the industrial products company’s stock valued at $4,487,000 after acquiring an additional 2,231 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

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.