Evercore ISI Trims Eaton (NYSE:ETN) Target Price to $333.00

Eaton (NYSE:ETN) had its price objective lowered by Evercore ISI from $357.00 to $333.00 in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has an outperform rating on the industrial products company’s stock.

Other equities research analysts also recently issued research reports about the stock. HSBC upped their price target on shares of Eaton from $240.00 to $280.00 and gave the company a hold rating in a research report on Friday, May 3rd. JPMorgan Chase & Co. upped their price target on shares of Eaton from $279.00 to $325.00 and gave the company an overweight rating in a research report on Wednesday, May 1st. Raymond James started coverage on shares of Eaton in a research report on Friday, June 28th. They issued an outperform rating and a $375.00 price target for the company. Argus upped their price target on shares of Eaton from $290.00 to $350.00 and gave the company a buy rating in a research report on Thursday, May 2nd. Finally, Mizuho reiterated a buy rating and issued a $355.00 target price (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $328.00.

Eaton Stock Up 1.2 %

Shares of NYSE:ETN opened at $299.73 on Monday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56. The company has a market cap of $119.83 billion, a PE ratio of 35.39, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02. Eaton has a 52 week low of $191.82 and a 52 week high of $345.19. The firm has a 50 day simple moving average of $308.69 and a 200 day simple moving average of $309.39.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.25%. Eaton’s dividend payout ratio (DPR) is 44.39%.

Insider Transactions at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ETN. Norges Bank acquired a new position in Eaton in the 4th quarter valued at $1,087,983,000. Capital World Investors boosted its holdings in Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after purchasing an additional 2,439,270 shares during the period. Jennison Associates LLC boosted its holdings in Eaton by 2,857.4% in the 1st quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after purchasing an additional 1,219,790 shares during the period. Balyasny Asset Management L.P. boosted its holdings in Eaton by 2,006.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock valued at $232,326,000 after purchasing an additional 918,936 shares during the period. Finally, Swedbank AB bought a new stake in Eaton in the 2nd quarter valued at $225,974,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

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.