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

Eaton (NYSE:ETN) had its price target lifted by KeyCorp from $325.00 to $355.00 in a research report released on Monday morning,Benzinga reports. KeyCorp currently has an overweight rating on the industrial products company’s stock.

Several other equities research analysts have also weighed in on the company. Melius lowered Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective on the stock. in a research note on Tuesday, January 28th. JPMorgan Chase & Co. decreased their price target on Eaton from $350.00 to $289.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Barclays dropped their price objective on Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a research note on Friday, April 4th. Citigroup reduced their target price on shares of Eaton from $396.00 to $323.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Melius Research reiterated a “hold” rating and set a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $357.31.

Eaton Stock Performance

ETN opened at $299.07 on Monday. The stock’s 50 day simple moving average is $281.24 and its 200-day simple moving average is $321.09. 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 $117.17 billion, a PE ratio of 31.48, a P/E/G ratio of 2.64 and a beta of 1.14. Eaton has a 1 year low of $231.85 and a 1 year high of $379.99.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The company had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.26 billion. During the same quarter in the prior year, the company posted $2.40 EPS. The business’s revenue was up 7.3% on a year-over-year basis. Sell-side analysts forecast that Eaton will post 12.02 EPS for the current year.

Eaton Dividend Announcement

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

Institutional Investors Weigh In On Eaton

Institutional investors and hedge funds have recently modified their holdings of the business. Capital A Wealth Management LLC acquired a new stake in Eaton during the 4th quarter worth $26,000. Flagship Wealth Advisors LLC bought a new position in shares of Eaton in the 4th quarter worth $27,000. Noble Wealth Management PBC acquired a new stake in shares of Eaton during the fourth quarter worth $30,000. Horizon Bancorp Inc. IN increased its holdings 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 purchasing an additional 74 shares during the last quarter. Finally, Murphy & Mullick Capital Management Corp acquired a new position in Eaton in the fourth quarter valued at about $33,000. 82.97% of the stock is owned by institutional investors.

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.