Eaton (NYSE:ETN) Price Target Raised to $385.00

Eaton (NYSE:ETN) had its target price lifted by Jefferies Financial Group from $370.00 to $385.00 in a research report report published on Thursday, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

Several other research analysts have also recently issued reports on the company. Raymond James initiated coverage on Eaton in a research note on Friday, June 28th. They issued an outperform rating and a $375.00 price objective on the stock. Wolfe Research restated an underperform rating and set a $312.00 price target on shares of Eaton in a research note on Monday, April 8th. Bank of America lifted their price objective on Eaton from $320.00 to $330.00 and gave the company a buy rating in a report on Monday, March 18th. HSBC increased their target price on shares of Eaton from $240.00 to $280.00 and gave the stock a hold rating in a report on Friday, May 3rd. Finally, The Goldman Sachs Group upped their price target on shares of Eaton from $287.00 to $328.00 and gave the stock a buy rating in a research report on Friday, March 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $323.06.

Eaton Trading Up 0.5 %

Shares of Eaton stock opened at $330.48 on Thursday. The business has a 50-day moving average price of $325.94 and a 200-day moving average price of $298.51. Eaton has a twelve month low of $191.82 and a twelve month high of $345.19. The firm has a market cap of $132.13 billion, a price-to-earnings ratio of 39.02, a PEG ratio of 2.77 and a beta of 1.02. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.12. The firm had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 EPS. Equities research analysts anticipate that Eaton will post 10.55 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were paid a dividend of $0.94 per share. The ex-dividend date was Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.14%. Eaton’s payout ratio is 44.39%.

Insider Activity

In related news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the sale, the insider now directly owns 5,086 shares in the company, valued at $1,687,738.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several large investors have recently bought and sold shares of ETN. MJP Associates Inc. ADV raised its stake in shares of Eaton by 4.6% during the second quarter. MJP Associates Inc. ADV now owns 1,506 shares of the industrial products company’s stock worth $472,000 after purchasing an additional 66 shares during the last quarter. IAM Advisory LLC purchased a new position in Eaton during the 2nd quarter worth $599,000. Hyperion Partners LLC acquired a new stake in shares of Eaton in the 2nd quarter worth $267,000. Country Trust Bank boosted its holdings in shares of Eaton by 11.6% in the second quarter. Country Trust Bank now owns 959 shares of the industrial products company’s stock valued at $301,000 after acquiring an additional 100 shares in the last quarter. Finally, Diversify Advisory Services LLC increased its stake in shares of Eaton by 14.0% during the second quarter. Diversify Advisory Services LLC now owns 1,356 shares of the industrial products company’s stock worth $432,000 after acquiring an additional 167 shares during the period. 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.