Citigroup Issues Positive Forecast for Eaton (NYSE:ETN) Stock Price

Eaton (NYSE:ETN) had its price objective hoisted by Citigroup from $323.00 to $351.00 in a research report report published on Monday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other research analysts have also recently weighed in on ETN. KeyCorp boosted their price target on Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Monday. JPMorgan Chase & Co. lowered their target price on shares of Eaton from $350.00 to $289.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Evercore ISI reduced their price target on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research note on Wednesday, February 19th. StockNews.com upgraded shares of Eaton from a “hold” rating to a “buy” rating in a research report on Wednesday, April 30th. Finally, Melius Research reaffirmed a “hold” rating and issued a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $357.31.

Eaton Price Performance

ETN opened at $299.07 on Monday. Eaton has a 1 year low of $231.85 and a 1 year high of $379.99. The stock has a 50-day moving average price of $281.24 and a 200-day moving average price of $321.09. The firm has a market cap of $117.17 billion, a PE ratio of 31.48, a P/E/G ratio of 2.64 and a beta of 1.14. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN) last issued its earnings results 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. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the firm posted $2.40 earnings per share. The business’s revenue was up 7.3% on a year-over-year basis. Sell-side analysts predict that Eaton will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be paid a dividend of $1.04 per share. The ex-dividend date is Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.39%. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Hedge Funds Weigh In On Eaton

Large investors have recently added to or reduced their stakes in the company. Lighthouse Wealth Management Inc. bought a new stake in shares of Eaton during the 4th quarter valued at $297,000. Bearing Point Capital LLC bought a new stake in Eaton during the fourth quarter valued at about $2,713,000. Webster Bank N. A. lifted its position in shares of Eaton by 52.4% in the fourth quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock valued at $5,949,000 after acquiring an additional 6,166 shares in the last quarter. Ballentine Partners LLC boosted its stake in shares of Eaton by 9.3% in the fourth quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock worth $3,072,000 after acquiring an additional 790 shares during the period. Finally, Blue Trust Inc. grew its position in shares of Eaton by 13.2% during the fourth quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock worth $4,804,000 after purchasing an additional 1,694 shares in the last quarter. Hedge funds and other institutional investors 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.