Eaton (NYSE:ETN) Price Target Raised to $410.00 at Bank of America

Eaton (NYSE:ETN) had its price objective hoisted by Bank of America from $350.00 to $410.00 in a research note released on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

Several other research analysts also recently commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $374.00 price target on shares of Eaton in a research report on Friday, November 1st. UBS Group started coverage on Eaton in a research report on Wednesday. They set a “buy” rating and a $431.00 price objective on the stock. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Morgan Stanley assumed coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Finally, Wells Fargo & Company lifted their target price 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. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.83.

Eaton Price Performance

Shares of Eaton stock opened at $358.99 on Wednesday. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a fifty day simple moving average of $335.82 and a 200-day simple moving average of $321.37. The stock has a market capitalization of $141.87 billion, a price-to-earnings ratio of 38.19, a PEG ratio of 2.96 and a beta of 1.01. Eaton has a 1-year low of $224.52 and a 1-year high of $373.49.

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

Eaton Announces Dividend

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

Insider Buying and Selling at Eaton

In other Eaton news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the sale, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Karenann K. Terrell purchased 500 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the purchase, the director now owns 500 shares in the company, valued at $149,485. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 68,705 shares of company stock worth $24,516,346. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ETN. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of Eaton by 16.5% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 27,561 shares of the industrial products company’s stock valued at $8,618,000 after acquiring an additional 3,913 shares during the last quarter. Kingsview Wealth Management LLC increased its stake in Eaton by 4.8% in the first quarter. Kingsview Wealth Management LLC now owns 20,579 shares of the industrial products company’s stock valued at $6,435,000 after purchasing an additional 947 shares in the last quarter. Orion Portfolio Solutions LLC raised its holdings in Eaton by 2.7% in the first quarter. Orion Portfolio Solutions LLC now owns 31,811 shares of the industrial products company’s stock worth $9,947,000 after purchasing an additional 825 shares during the period. Leo Wealth LLC boosted its position in shares of Eaton by 84.2% during the first quarter. Leo Wealth LLC now owns 2,468 shares of the industrial products company’s stock worth $771,000 after purchasing an additional 1,128 shares in the last quarter. Finally, Gratus Wealth Advisors LLC acquired a new position in shares of Eaton in the 1st quarter valued at $255,000. Institutional investors own 82.97% of the company’s stock.

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.