Eaton (NYSE:ETN) Given New $323.00 Price Target at Citigroup

Eaton (NYSE:ETN) had its price target cut by Citigroup from $396.00 to $323.00 in a research note published on Monday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other research firms also recently weighed in on ETN. JPMorgan Chase & Co. decreased their price objective on Eaton from $350.00 to $289.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. KeyCorp dropped their price objective on Eaton from $340.00 to $325.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Royal Bank of Canada reduced their target price on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research note on Thursday, March 6th. Barclays cut their price target on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a report on Friday, April 4th. Finally, Evercore ISI decreased their price objective on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 19th. Seven investment 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 currently has an average rating of “Moderate Buy” and an average price target of $350.22.

Eaton Stock Down 0.2 %

ETN stock opened at $277.05 on Monday. The business’s 50-day simple moving average is $288.60 and its 200 day simple moving average is $326.82. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The company has a market cap of $108.54 billion, a PE ratio of 29.16, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Eaton has a twelve month low of $231.85 and a twelve month high of $379.99.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the previous year, the firm earned $2.55 EPS. On average, research analysts anticipate that Eaton will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date was Monday, March 10th. This is an increase from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio is currently 43.79%.

Hedge Funds Weigh In On Eaton

Institutional investors have recently modified their holdings of the stock. Capital A Wealth Management LLC bought a new stake in Eaton in the fourth quarter valued at approximately $26,000. Flagship Wealth Advisors LLC acquired a new stake in Eaton during the 4th quarter worth $27,000. Noble Wealth Management PBC bought a new position in Eaton during the fourth quarter worth about $30,000. Horizon Bancorp Inc. IN grew its stake in Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 74 shares during the period. Finally, Morse Asset Management Inc acquired a new stake in shares of Eaton during the third quarter worth about $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

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.