Eaton (NYSE:ETN) Coverage Initiated at UBS Group

UBS Group initiated coverage on shares of Eaton (NYSE:ETN) in a research report report published on Wednesday, MarketBeat Ratings reports. The firm issued a buy rating and a $431.00 target price on the industrial products company’s stock.

Other research analysts have also recently issued reports about the company. Wells Fargo & Company boosted their target price on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Evercore ISI cut shares of Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the stock from $333.00 to $389.00 in a report on Wednesday. Sanford C. Bernstein began coverage on Eaton in a report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective on the stock. Barclays decreased their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Finally, Citigroup started coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $357.83.

Eaton Trading Down 0.8 %

ETN opened at $358.99 on Wednesday. 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 market cap of $141.87 billion, a P/E ratio of 38.19, a P/E/G ratio of 2.96 and a beta of 1.01. Eaton has a 52 week low of $224.52 and a 52 week high of $373.49. The business has a fifty day simple moving average of $335.82 and a 200-day simple moving average of $321.37.

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

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Buying and Selling

In related news, insider Craig Arnold sold 61,569 shares of the firm’s 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. This trade represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Karenann K. Terrell bought 500 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the transaction, the director now directly owns 500 shares in the company, valued at $149,485. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 68,705 shares of company stock valued at $24,516,346 over the last three months. 0.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Eaton

Several institutional investors have recently made changes to their positions in ETN. Breakwater Investment Management boosted its holdings in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares in the last quarter. Proffitt & Goodson Inc. acquired a new stake in shares of Eaton in the 2nd quarter worth approximately $29,000. Groupama Asset Managment increased its stake in Eaton by 83.2% in the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 4,298 shares in the last quarter. LGT Financial Advisors LLC purchased a new stake in Eaton during the second quarter worth $33,000. Finally, Morse Asset Management Inc purchased a new position in shares of Eaton in the third quarter valued at $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

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.