Eaton (NYSE:ETN) Price Target Raised to $319.00 at Barclays

Eaton (NYSE:ETN) had its price target increased by Barclays from $318.00 to $319.00 in a research note released on Friday, Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

Several other research firms have also commented on ETN. Raymond James assumed coverage on shares of Eaton in a research report on Friday, June 28th. They set an outperform rating and a $375.00 price target for the company. Argus increased their target price on shares of Eaton from $290.00 to $350.00 and gave the stock a buy rating in a report on Thursday, May 2nd. Royal Bank of Canada raised shares of Eaton from a sector perform rating to an outperform rating and increased their target price for the stock from $286.00 to $371.00 in a report on Friday, April 5th. JPMorgan Chase & Co. increased their target price on shares of Eaton from $279.00 to $325.00 and gave the stock an overweight rating in a report on Wednesday, May 1st. Finally, HSBC increased their target price on shares of Eaton from $240.00 to $280.00 and gave the stock a hold rating in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $326.53.

Eaton Stock Performance

ETN traded down $17.62 during midday trading on Friday, hitting $280.26. 4,528,035 shares of the company traded hands, compared to its average volume of 2,834,101. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $112.05 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02. The company’s 50-day moving average is $317.93 and its 200 day moving average is $305.04. Eaton has a 52 week low of $191.82 and a 52 week high of $345.19.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.12. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. On average, research analysts expect that Eaton will post 10.66 EPS for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be given a $0.94 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.34%. Eaton’s dividend payout ratio is presently 44.39%.

Insider Buying and Selling

In other Eaton news, insider Peter Denk sold 2,416 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the sale, the insider now owns 5,086 shares in the company, valued at $1,687,738.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.53% of the stock is owned by corporate insiders.

Institutional Trading of Eaton

A number of hedge funds and other institutional investors have recently bought and sold shares of ETN. Legacy Capital Group California Inc. increased its stake in shares of Eaton by 1.2% during the second quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock valued at $870,000 after buying an additional 32 shares during the period. Well Done LLC increased its stake in shares of Eaton by 1.3% during the second quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock valued at $800,000 after buying an additional 33 shares during the period. Verdence Capital Advisors LLC grew its stake in Eaton by 1.7% in the first quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock valued at $644,000 after purchasing an additional 34 shares during the last quarter. Wendell David Associates Inc. grew its stake in Eaton by 4.0% in the first quarter. Wendell David Associates Inc. now owns 936 shares of the industrial products company’s stock valued at $293,000 after purchasing an additional 36 shares during the last quarter. Finally, Fragasso Group Inc. grew its stake in Eaton by 3.6% in the first quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock valued at $323,000 after purchasing an additional 36 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

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.