Wells Fargo & Company Increases Eaton (NYSE:ETN) Price Target to $342.00

Eaton (NYSE:ETN) had its price objective hoisted by Wells Fargo & Company from $315.00 to $342.00 in a report released on Monday, Benzinga reports. The firm currently has an equal weight rating on the industrial products company’s stock.

Several other equities analysts have also issued reports on ETN. Citigroup started coverage on shares of Eaton in a research report on Monday, September 16th. They set a buy rating and a $348.00 price target on the stock. Royal Bank of Canada cut their target price on Eaton from $376.00 to $371.00 and set an outperform rating on the stock in a research report on Friday, August 2nd. Wolfe Research upgraded Eaton from an underperform rating to a peer perform rating in a report on Friday, September 6th. Barclays increased their price target on Eaton from $319.00 to $327.00 and gave the stock an equal weight rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley began coverage on shares of Eaton in a research note on Friday, September 6th. They issued an overweight rating and a $370.00 price objective for the company. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $339.47.

Eaton Trading Down 0.4 %

NYSE ETN opened at $336.94 on Monday. The firm has a market capitalization of $134.71 billion, a PE ratio of 39.78, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02. The business’s 50-day moving average price is $305.71 and its two-hundred day moving average price is $315.22. 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.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. On average, analysts expect that Eaton will post 10.75 EPS for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is currently 44.39%.

Insider Activity at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction dated 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 directly owns 9,900 shares in the company, valued at approximately $2,858,328. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is owned by insiders.

Hedge Funds Weigh In On Eaton

Institutional investors and hedge funds have recently bought and sold shares of the company. Breakwater Investment Management boosted its position in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the period. Atwood & Palmer Inc. boosted its holdings in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after buying an additional 50 shares during the period. Proffitt & Goodson Inc. purchased a new position in Eaton in the 2nd quarter valued at approximately $29,000. Redmont Wealth Advisors LLC bought a new stake in Eaton during the 1st quarter valued at $33,000. Finally, LGT Financial Advisors LLC purchased a new stake in shares of Eaton during the second quarter worth $33,000. 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.