Eaton (NYSE:ETN) Price Target Increased to $350.00 by Analysts at Argus

Eaton (NYSE:ETN) had its price objective increased by Argus from $290.00 to $350.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

ETN has been the topic of a number of other reports. Citigroup upped their target price on shares of Eaton from $270.00 to $310.00 and gave the company a buy rating in a research report on Friday, February 2nd. Barclays raised shares of Eaton from an underweight rating to an equal weight rating and lifted their price objective for the stock from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Bank of America boosted their price target on shares of Eaton from $320.00 to $330.00 and gave the company a buy rating in a report on Monday, March 18th. Mizuho reaffirmed a buy rating and set a $355.00 price objective (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Finally, UBS Group boosted their target price on Eaton from $255.00 to $305.00 and gave the company a buy rating in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $314.27.

Eaton Price Performance

NYSE:ETN opened at $320.50 on Thursday. The company has a market capitalization of $128.14 billion, a price-to-earnings ratio of 37.84, a PEG ratio of 2.54 and a beta of 1.06. The company has a 50-day moving average of $308.68 and a 200-day moving average of $262.71. Eaton has a 52 week low of $165.24 and a 52 week high of $333.05. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. The business had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the company posted $1.88 EPS. As a group, equities research analysts anticipate that Eaton will post 10.45 earnings per share 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 issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s payout ratio is presently 44.39%.

Insider Buying and Selling

In other news, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the transaction, the insider now directly owns 630 shares in the company, valued at approximately $171,360. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 630 shares of the company’s stock, valued at $171,360. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction that occurred 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 directly owns 5,514 shares in the company, valued at $1,593,380.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,969 shares of company stock worth $10,904,774. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

A number of hedge funds have recently bought and sold shares of ETN. Vanguard Group Inc. raised its position in shares of Eaton by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after buying an additional 259,615 shares in the last quarter. FMR LLC lifted its position in shares of Eaton by 36.0% during the 3rd quarter. FMR LLC now owns 19,921,979 shares of the industrial products company’s stock worth $4,248,960,000 after buying an additional 5,270,331 shares during the last quarter. Northern Trust Corp boosted its stake in Eaton by 2.2% in the third quarter. Northern Trust Corp now owns 5,009,435 shares of the industrial products company’s stock valued at $1,068,412,000 after buying an additional 109,775 shares in the last quarter. Norges Bank bought a new position in Eaton in the fourth quarter valued at about $1,087,983,000. Finally, Coatue Management LLC lifted its holdings in shares of Eaton by 5.2% in the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after acquiring an additional 195,809 shares during the last quarter. 82.97% of the stock is owned by 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.