Eaton (NYSE:ETN) PT Lowered to $365.00 at Raymond James

Eaton (NYSE:ETN) had its price target cut by Raymond James from $375.00 to $365.00 in a report published on Monday, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

Several other equities research analysts also recently weighed in on the company. Barclays raised their price objective on Eaton from $318.00 to $319.00 and gave the company an equal weight rating in a report on Friday, August 2nd. Jefferies Financial Group boosted their price target on Eaton from $370.00 to $385.00 and gave the stock a buy rating in a report on Thursday, July 11th. Evercore ISI dropped their price objective on shares of Eaton from $357.00 to $333.00 and set an outperform rating for the company in a report on Monday, August 19th. Royal Bank of Canada reduced their target price on shares of Eaton from $376.00 to $371.00 and set an outperform rating on the stock in a report on Friday, August 2nd. Finally, Morgan Stanley began coverage on shares of Eaton in a research note on Friday, September 6th. They set an overweight rating and a $370.00 price target for the company. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $335.18.

Eaton Stock Up 3.0 %

Shares of NYSE ETN opened at $297.00 on Monday. The company has a market cap of $118.74 billion, a price-to-earnings ratio of 35.06, a PEG ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton has a 12 month low of $191.82 and a 12 month high of $345.19. The stock has a 50-day moving average price of $301.10 and a two-hundred day moving average price of $311.37.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. As a group, analysts forecast that Eaton will post 10.74 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.27%. Eaton’s dividend payout ratio is currently 44.39%.

Insiders Place Their Bets

In related news, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now owns 9,900 shares in the company, valued at $2,858,328. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Dorothy C. Thompson bought 2,205 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares in the company, valued at $662,161.50. The disclosure for this purchase can be found here. In the last three months, insiders have sold 52,511 shares of company stock worth $15,809,326. Corporate insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Eaton by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after acquiring an additional 259,615 shares in the last quarter. Norges Bank purchased a new stake in Eaton in the 4th quarter valued at about $1,087,983,000. Coatue Management LLC lifted its position in shares of Eaton by 5.2% during the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after buying an additional 195,809 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Eaton by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after buying an additional 18,077 shares during the last quarter. Finally, Capital World Investors grew its holdings 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 acquiring an additional 2,439,270 shares in the last quarter. 82.97% of the stock is owned by 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.