Eaton (NYSE:ETN) Price Target Raised to $280.00

Eaton (NYSE:ETN) had its target price lifted by HSBC from $240.00 to $280.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a hold rating on the industrial products company’s stock.

A number of other research analysts have also issued reports on the company. Mizuho reiterated a buy rating and set a $355.00 target price (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. Bank of America upped their price target on Eaton from $320.00 to $330.00 and gave the company a buy rating in a research report on Monday, March 18th. Barclays upgraded Eaton from an underweight rating to an equal weight rating and lifted their price target for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. Evercore ISI raised their price objective on shares of Eaton from $262.00 to $308.00 and gave the stock an outperform rating in a research report on Tuesday, February 20th. Finally, Wolfe Research reiterated an underperform rating and issued a $312.00 price objective on shares of Eaton in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Eaton currently has a consensus rating of Moderate Buy and a consensus price target of $314.27.

Eaton Trading Up 1.7 %

Shares of Eaton stock opened at $320.50 on Friday. Eaton has a 1 year low of $165.24 and a 1 year high of $333.05. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.02. The stock has a market cap of $128.14 billion, a PE ratio of 37.84, a price-to-earnings-growth ratio of 2.54 and a beta of 1.06. The firm has a fifty day moving average price of $308.68 and a 200 day moving average price of $262.71.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. During the same quarter in the prior year, the business earned $1.88 earnings per share. The company’s revenue was up 8.4% compared to the same quarter last year. Equities research analysts predict that Eaton will post 10.45 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.17%. The ex-dividend date is Friday, May 3rd. Eaton’s payout ratio is currently 44.39%.

Insider Buying and Selling at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the sale, the insider now owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the transaction, the insider now owns 630 shares in the company, valued at $171,360. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the completion of the sale, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock valued at $10,904,774 in the last 90 days. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

A number of institutional investors and hedge funds have recently modified their holdings of ETN. Tennessee Valley Asset Management Partners acquired a new position in shares of Eaton during the 4th quarter worth about $25,000. LifeSteps Financial Inc. acquired a new position in Eaton in the first quarter valued at approximately $25,000. Atwood & Palmer Inc. increased its stake in Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares during the last quarter. Clear Investment Research LLC acquired a new stake in Eaton during the fourth quarter worth approximately $29,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Eaton during the 1st quarter worth approximately $33,000. Institutional investors and hedge funds 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.