Eaton (NYSE:ETN) Price Target Raised to $323.00 at Barclays

Eaton (NYSE:ETN) had its price objective raised by Barclays from $306.00 to $323.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

ETN has been the topic of several other reports. Wells Fargo & Company restated an “overweight” rating and issued a $355.00 price objective on shares of Eaton in a research report on Monday, May 5th. Wall Street Zen raised Eaton from a “hold” rating to a “buy” rating in a research note on Sunday, May 18th. KeyCorp upped their target price on Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. Royal Bank of Canada upped their price objective on shares of Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. Finally, BNP Paribas began coverage on shares of Eaton in a report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price for the company. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $368.78.

Eaton Trading Down 1.8%

Shares of ETN stock opened at $325.61 on Monday. The business’s fifty day moving average price is $298.94 and its 200 day moving average price is $315.59. The firm has a market capitalization of $127.41 billion, a PE ratio of 34.27, a P/E/G ratio of 2.64 and a beta of 1.16. 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 has a 1-year low of $231.85 and a 1-year high of $379.99.

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, 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 period last year, the company posted $2.40 earnings per share. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Eaton will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.28%. The ex-dividend date was Monday, May 5th. Eaton’s payout ratio is currently 41.98%.

Insider Buying and Selling

In other news, insider Craig Arnold sold 51,054 shares of Eaton stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the transaction, the insider now owns 489,444 shares in the company, valued at approximately $149,490,880.92. The trade was a 9.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider now owns 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 156,660 shares of company stock valued at $49,622,894 over the last quarter. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Eaton

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ETN. IMA Advisory Services Inc. bought a new position in Eaton during the first quarter valued at approximately $25,000. Capital A Wealth Management LLC bought a new stake in Eaton in the fourth quarter worth $26,000. Flagship Wealth Advisors LLC acquired a new position in Eaton during the fourth quarter worth $27,000. Creative Financial Designs Inc. ADV raised its holdings in Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company’s stock valued at $27,000 after buying an additional 51 shares in the last quarter. Finally, Noble Wealth Management PBC bought a new stake in shares of Eaton during the 4th quarter worth about $30,000. Hedge funds and other institutional investors 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.