Eaton (NYSE:ETN) Given New $410.00 Price Target at Bank of America

Eaton (NYSE:ETN) had its target price raised by Bank of America from $350.00 to $410.00 in a research report report published on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

ETN has been the topic of a number of other reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a report on Friday, November 1st. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Morgan Stanley started coverage on Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and increased their price target for the company from $333.00 to $389.00 in a research report on Wednesday. Finally, Raymond James lowered their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Eaton presently has an average rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Stock Down 0.8 %

Shares of ETN stock opened at $358.99 on Wednesday. Eaton has a 12-month low of $224.52 and a 12-month high of $373.49. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The firm has a fifty day moving average of $335.82 and a 200-day moving average of $321.37. The company has a market capitalization of $141.87 billion, a price-to-earnings ratio of 38.19, a P/E/G ratio of 2.96 and a beta of 1.01.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 21.97% and a net margin of 15.32%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the business posted $2.47 EPS. As a group, equities research analysts predict that Eaton will post 10.79 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s payout ratio is 40.00%.

Insider Transactions at Eaton

In other Eaton news, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction dated 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 completion of the sale, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karenann K. Terrell purchased 500 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the transaction, the director now owns 500 shares of the company’s stock, valued at $149,485. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 68,705 shares of company stock worth $24,516,346. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

Hedge funds have recently added to or reduced their stakes in the stock. Capital World Investors lifted its position in Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after purchasing an additional 2,439,270 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Eaton by 253.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock worth $753,590,000 after acquiring an additional 1,629,856 shares during the period. International Assets Investment Management LLC boosted its position in shares of Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after acquiring an additional 1,070,024 shares in the last quarter. Swedbank AB acquired a new position in Eaton during the second quarter valued at approximately $225,974,000. Finally, Assenagon Asset Management S.A. lifted its stake in Eaton by 1,604.4% during the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after purchasing an additional 634,059 shares during the last quarter. 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.