Eaton (NYSE:ETN) Now Covered by Raymond James

Raymond James assumed coverage on shares of Eaton (NYSE:ETN) in a report released on Friday, MarketBeat reports. The firm issued an outperform rating and a $375.00 price objective on the industrial products company’s stock.

Other research analysts have also issued reports about the company. Wolfe Research reaffirmed an underperform rating and set a $312.00 target price on shares of Eaton in a research report on Monday, April 8th. Mizuho reaffirmed a buy rating and issued a $355.00 price objective (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Royal Bank of Canada raised shares of Eaton from a sector perform rating to an outperform rating and increased their target price for the company from $286.00 to $371.00 in a research report on Friday, April 5th. HSBC raised their price target on shares of Eaton from $240.00 to $280.00 and gave the stock a hold rating in a report on Friday, May 3rd. Finally, Barclays raised shares of Eaton from an underweight rating to an equal weight rating and upped their price objective for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Eaton presently has an average rating of Moderate Buy and an average price target of $318.06.

Eaton Price Performance

Eaton stock opened at $313.55 on Friday. The stock has a 50-day moving average price of $325.35 and a two-hundred day moving average price of $293.12. Eaton has a 12 month low of $191.82 and a 12 month high of $345.19. The company has a market capitalization of $125.36 billion, a PE ratio of 37.02, a P/E/G ratio of 2.62 and a beta of 1.04. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same quarter last year, the business earned $1.88 EPS. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. Analysts expect that Eaton will post 10.56 EPS for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were issued a $0.94 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.20%. Eaton’s payout ratio is currently 44.39%.

Insider Buying and Selling at Eaton

In other news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

Hedge funds and other institutional investors have recently made changes to their positions in the business. Old Port Advisors bought a new stake in Eaton during the 1st quarter worth approximately $226,000. SRN Advisors LLC grew its holdings in Eaton by 5.1% during the first quarter. SRN Advisors LLC now owns 3,619 shares of the industrial products company’s stock worth $1,132,000 after buying an additional 176 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Eaton by 14.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,230 shares of the industrial products company’s stock valued at $392,000 after buying an additional 158 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Eaton by 6.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 704,358 shares of the industrial products company’s stock valued at $222,929,000 after acquiring an additional 39,949 shares in the last quarter. Finally, First Citizens Financial Corp purchased a new position in Eaton during the 1st quarter worth $209,000. 82.97% of the stock is owned by institutional investors.

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.