Eaton (NYSE:ETN) Receives New Coverage from Analysts at Citigroup

Citigroup initiated coverage on shares of Eaton (NYSE:ETN) in a research note issued to investors on Monday, MarketBeat reports. The brokerage issued a buy rating and a $348.00 price target on the industrial products company’s stock.

A number of other research analysts also recently issued reports on ETN. Evercore ISI reduced their price objective on shares of Eaton from $357.00 to $333.00 and set an outperform rating on the stock in a research report on Monday, August 19th. Barclays increased their price target on shares of Eaton from $318.00 to $319.00 and gave the stock an equal weight rating in a research note on Friday, August 2nd. Royal Bank of Canada cut their price objective on Eaton from $376.00 to $371.00 and set an outperform rating on the stock in a research report on Friday, August 2nd. Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They issued an overweight rating and a $370.00 target price for the company. Finally, Jefferies Financial Group upped their price target on Eaton from $370.00 to $385.00 and gave the stock a buy rating in a research note on Thursday, July 11th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $337.41.

Eaton Price Performance

ETN stock opened at $328.92 on Monday. The stock has a market capitalization of $131.50 billion, a price-to-earnings ratio of 38.83, a PEG ratio of 2.28 and a beta of 1.01. The firm’s 50-day moving average price is $299.93 and its two-hundred day moving average price is $312.22. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton has a 12-month low of $191.82 and a 12-month high of $345.19.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. As a group, equities analysts predict that Eaton will post 10.74 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.14%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Karenann K. Terrell bought 500 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was acquired at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the purchase, the director now owns 500 shares in the company, valued at $149,485. The acquisition was disclosed in a filing with the SEC, which is available 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 stock was sold at an average price of $288.72, for a total value 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. In the last three months, insiders have sold 52,511 shares of company stock worth $15,809,326. Insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ETN. LifeSteps Financial Inc. bought a new position in shares of Eaton in the 1st quarter worth approximately $25,000. Breakwater Investment Management raised its position in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the period. Atwood & Palmer Inc. boosted its stake in shares of Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares during the last quarter. Clear Investment Research LLC purchased a new stake in shares of Eaton in the 4th quarter worth $29,000. Finally, Proffitt & Goodson Inc. bought a new position in Eaton in the 2nd quarter worth $29,000. 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.