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

Eaton (NYSE:ETN) had its price target boosted by Mizuho from $365.00 to $385.00 in a research note released on Friday morning, Benzinga reports. Mizuho currently has an outperform rating on the industrial products company’s stock.

Several other analysts also recently weighed in on the stock. Wells Fargo & Company lifted their price objective 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. Morgan Stanley initiated coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective on the stock. Evercore ISI cut 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. Raymond James cut their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $341.00.

Eaton Stock Performance

Shares of Eaton stock traded up $3.42 during trading hours on Friday, reaching $335.00. The company’s stock had a trading volume of 2,369,253 shares, compared to its average volume of 2,106,960. The company’s 50 day simple moving average is $323.09 and its 200 day simple moving average is $318.29. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. Eaton has a one year low of $211.99 and a one year high of $349.74. The stock has a market cap of $133.36 billion, a P/E ratio of 36.85, a price-to-earnings-growth ratio of 2.62 and a beta of 1.02.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same period last year, the firm posted $2.47 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, analysts expect that Eaton will post 10.75 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.12%. Eaton’s dividend payout ratio is currently 41.36%.

Insider Transactions at Eaton

In related news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction that occurred 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 completion of the acquisition, the director now owns 500 shares in the company, valued at $149,485. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction that occurred 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 completion of the acquisition, the director now owns 500 shares in the company, valued at $149,485. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dorothy C. Thompson purchased 2,205 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 in the last quarter. Insiders own 0.53% of the company’s stock.

Institutional Trading of Eaton

A number of institutional investors have recently added to or reduced their stakes in the business. Capital World Investors raised its position in shares of Eaton by 323.8% in the first 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 raised its position in shares of Eaton by 2,857.4% in the first 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. International Assets Investment Management LLC raised its position in shares of Eaton by 27,075.5% in the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after purchasing an additional 1,070,024 shares during the period. Swedbank AB bought a new position in shares of Eaton in the second quarter valued at approximately $225,974,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Eaton by 1,604.4% in the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock valued at $211,201,000 after purchasing an additional 634,059 shares during the period. 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.