Eaton (NYSE:ETN) Price Target Lowered to $348.00 at JPMorgan Chase & Co.

Eaton (NYSE:ETN) had its price target lowered by JPMorgan Chase & Co. from $350.00 to $348.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

Several other brokerages have also commented on ETN. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and increased their price objective for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Mizuho increased their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Citigroup dropped their price target on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research note on Monday. Jefferies Financial Group increased their price objective on shares of Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Sanford C. Bernstein assumed coverage on shares of Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price on the stock. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $368.89.

Eaton Stock Performance

Shares of NYSE:ETN opened at $342.35 on Wednesday. The firm has a 50 day moving average of $355.38 and a 200 day moving average of $329.33. 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 company has a market capitalization of $135.30 billion, a price-to-earnings ratio of 36.42, a price-to-earnings-growth ratio of 2.27 and a beta of 1.06. Eaton has a 52 week low of $236.04 and a 52 week high of $379.99.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.47 EPS. On average, sell-side analysts predict that Eaton will post 10.8 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s payout ratio is presently 40.00%.

Insiders Place Their Bets

In related news, insider Craig Arnold sold 61,569 shares of the 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 sale, the insider now directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the transaction, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This trade represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,981 shares of company stock worth $27,660,117. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Eaton

A number of institutional investors and hedge funds have recently made changes to their positions in the business. One Capital Management LLC acquired a new position in Eaton during the second quarter worth $511,000. Edgestream Partners L.P. raised its position in shares of Eaton by 98.5% during the 2nd quarter. Edgestream Partners L.P. now owns 1,989 shares of the industrial products company’s stock worth $624,000 after purchasing an additional 987 shares during the last quarter. Bradley Foster & Sargent Inc. CT lifted its stake in Eaton by 81.8% in the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 16,686 shares of the industrial products company’s stock valued at $5,232,000 after buying an additional 7,510 shares in the last quarter. SYSTM Wealth Solutions LLC boosted its holdings in Eaton by 97.5% in the 2nd quarter. SYSTM Wealth Solutions LLC now owns 2,246 shares of the industrial products company’s stock worth $704,000 after buying an additional 1,109 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its stake in Eaton by 1.1% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 168,435 shares of the industrial products company’s stock worth $52,813,000 after buying an additional 1,836 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other 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.