Eaton (NYSE:ETN) Price Target Raised to $410.00

Eaton (NYSE:ETN) had its price objective hoisted by KeyCorp from $355.00 to $410.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

A number of other brokerages have also weighed in on ETN. Barclays boosted their price objective on shares of Eaton from $323.00 to $340.00 and gave the company an “equal weight” rating in a report on Wednesday, July 9th. Wells Fargo & Company boosted their price target on Eaton from $310.00 to $360.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 1st. Morgan Stanley reduced their price objective on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research note on Tuesday, May 6th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $396.00 target price on shares of Eaton in a report on Monday. 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 price target on the stock. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $377.89.

Eaton Stock Up 4.8%

Eaton stock opened at $380.49 on Tuesday. Eaton has a 1-year low of $231.85 and a 1-year high of $380.81. The business has a fifty day moving average price of $337.91 and a 200-day moving average price of $314.48. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The stock has a market capitalization of $148.88 billion, a price-to-earnings ratio of 38.39, a PEG ratio of 2.74 and a beta of 1.17.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter last year, the company earned $2.40 earnings per share. The company’s quarterly revenue was up 7.3% on a year-over-year basis. Equities research analysts forecast that Eaton will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s payout ratio is currently 41.98%.

Insider Activity

In other Eaton news, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the transaction, the insider directly owned 490,208 shares in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the sale, the insider owned 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. HCR Wealth Advisors raised its holdings in shares of Eaton by 39.5% during the second quarter. HCR Wealth Advisors now owns 5,229 shares of the industrial products company’s stock valued at $1,867,000 after acquiring an additional 1,481 shares during the last quarter. Independence Bank of Kentucky raised its stake in Eaton by 3.3% in the 2nd quarter. Independence Bank of Kentucky now owns 6,467 shares of the industrial products company’s stock valued at $2,309,000 after purchasing an additional 205 shares during the last quarter. ORG Partners LLC lifted its holdings in Eaton by 20.7% in the 2nd quarter. ORG Partners LLC now owns 978 shares of the industrial products company’s stock valued at $347,000 after purchasing an additional 168 shares in the last quarter. Old Port Advisors acquired a new stake in Eaton during the 2nd quarter worth $214,000. Finally, ST Germain D J Co. Inc. grew its holdings in shares of Eaton by 1.5% during the second quarter. ST Germain D J Co. Inc. now owns 30,486 shares of the industrial products company’s stock worth $10,883,000 after buying an additional 462 shares in the last quarter. Institutional investors and hedge funds 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.