Eaton (NYSE:ETN) Price Target Raised to $350.00 at Argus

Eaton (NYSE:ETN) had its target price hoisted by Argus from $290.00 to $350.00 in a research report released on Thursday morning, Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other brokerages have also recently weighed in on ETN. Berenberg Bank boosted their price target on Eaton from $200.00 to $345.00 and gave the stock a buy rating in a research report on Wednesday, March 6th. The Goldman Sachs Group boosted their price objective on shares of Eaton from $287.00 to $328.00 and gave the stock a buy rating in a research note on Friday, March 15th. Evercore ISI raised their target price on shares of Eaton from $262.00 to $308.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Royal Bank of Canada raised shares of Eaton from a sector perform rating to an outperform rating and boosted their target price for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. Finally, Wolfe Research reiterated an underperform rating and issued a $312.00 price objective on shares of Eaton in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $314.27.

Eaton Trading Up 2.0 %

Shares of Eaton stock traded up $6.15 during trading on Thursday, hitting $320.50. The stock had a trading volume of 1,769,790 shares, compared to its average volume of 2,741,837. The stock has a 50 day simple moving average of $308.68 and a 200 day simple moving average of $261.94. Eaton has a 1 year low of $165.24 and a 1 year high of $333.05. The company has a quick ratio of 1.02, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $128.14 billion, a PE ratio of 37.84, a P/E/G ratio of 2.49 and a beta of 1.06.

Eaton (NYSE:ETN) last issued its earnings results 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. The company had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the business posted $1.88 EPS. On average, research analysts expect that Eaton will post 10.45 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be paid a $0.94 dividend. The ex-dividend date is Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.17%. Eaton’s dividend payout ratio is currently 44.39%.

Insiders Place Their Bets

In other Eaton news, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the transaction, the insider now owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the transaction, the insider now owns 630 shares in the company, valued at $171,360. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the sale, the insider now directly owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,969 shares of company stock valued at $10,904,774. 0.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eaton

Institutional investors have recently modified their holdings of the business. Verdence Capital Advisors LLC lifted its stake in shares of Eaton by 1.7% in the 1st 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 period. Wendell David Associates Inc. boosted its holdings in Eaton by 4.0% during the first quarter. Wendell David Associates Inc. now owns 936 shares of the industrial products company’s stock worth $293,000 after buying an additional 36 shares during the last quarter. Fragasso Group Inc. grew its position in shares of Eaton by 3.6% during the 1st quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock worth $323,000 after buying an additional 36 shares during the period. Valley National Advisers Inc. raised its position in shares of Eaton by 5.6% in the 1st quarter. Valley National Advisers Inc. now owns 682 shares of the industrial products company’s stock valued at $213,000 after acquiring an additional 36 shares during the period. Finally, FinTrust Capital Advisors LLC boosted its stake in Eaton by 2.6% during the 4th quarter. FinTrust Capital Advisors LLC now owns 1,481 shares of the industrial products company’s stock worth $357,000 after acquiring an additional 37 shares during the last quarter. Institutional investors and hedge funds 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.