Sanford C. Bernstein Initiates Coverage on Eaton (NYSE:ETN)

Sanford C. Bernstein initiated coverage on shares of Eaton (NYSE:ETN) in a research report released on Tuesday, MarketBeat Ratings reports. The firm issued an outperform rating and a $382.00 price objective on the industrial products company’s stock.

Several other brokerages have also commented on ETN. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a report on Friday, November 1st. Citigroup began coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price target for the company. Wells Fargo & Company upped their price target on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Evercore ISI dropped their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Four research analysts have rated the stock with a hold rating and fourteen have given 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 $343.28.

Eaton Stock Up 0.8 %

ETN traded up $2.80 during trading on Tuesday, hitting $363.36. 367,991 shares of the company’s stock traded hands, compared to its average volume of 2,108,404. The stock has a market capitalization of $143.60 billion, a price-to-earnings ratio of 38.36, a PEG ratio of 2.66 and a beta of 1.01. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Eaton has a 12-month low of $217.61 and a 12-month high of $366.08. The company’s 50 day simple moving average is $325.92 and its two-hundred day simple moving average is $319.05.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.47 EPS. Analysts predict that Eaton will post 10.79 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Activity at Eaton

In other Eaton news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the sale, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Karenann K. Terrell acquired 500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of $298.97 per share, with a total value of $149,485.00. Following the acquisition, the director now directly owns 500 shares of the company’s stock, valued at approximately $149,485. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,080 shares of company stock valued at $39,375,088. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Eaton

Hedge funds have recently bought and sold shares of the business. Breakwater Investment Management increased its holdings in shares of Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares during the last quarter. Proffitt & Goodson Inc. bought a new stake in Eaton during the second quarter worth approximately $29,000. LGT Financial Advisors LLC purchased a new stake in Eaton during the second quarter valued at approximately $33,000. West Financial Advisors LLC bought a new stake in shares of Eaton in the 3rd quarter valued at approximately $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new position in shares of Eaton in the 2nd quarter worth approximately $37,000. 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.