Eaton (NYSE:ETN) Coverage Initiated at Raymond James

Raymond James began coverage on shares of Eaton (NYSE:ETN) in a report released on Friday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $375.00 target price on the industrial products company’s stock.

Several other research firms also recently commented on ETN. JPMorgan Chase & Co. boosted their price target on shares of Eaton from $279.00 to $325.00 and gave the stock an overweight rating in a research note on Wednesday, May 1st. Berenberg Bank raised their price target on Eaton from $200.00 to $345.00 and gave the company a buy rating in a research note on Wednesday, March 6th. The Goldman Sachs Group upped their price objective on Eaton from $287.00 to $328.00 and gave the stock a buy rating in a research report on Friday, March 15th. HSBC lifted their target price on Eaton from $240.00 to $280.00 and gave the stock a hold rating in a research report on Friday, May 3rd. Finally, Argus boosted their target price on Eaton from $290.00 to $350.00 and gave the company a buy rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $318.06.

Eaton Price Performance

Shares of NYSE ETN opened at $312.19 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. The firm’s 50 day simple moving average is $325.35 and its 200-day simple moving average is $293.12. Eaton has a 12 month low of $191.82 and a 12 month high of $345.19. The stock has a market capitalization of $124.81 billion, a price-to-earnings ratio of 36.88, a PEG ratio of 2.64 and a beta of 1.02.

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, beating analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter last year, the firm posted $1.88 EPS. The business’s revenue was up 8.4% on a year-over-year basis. Analysts expect that Eaton will post 10.56 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were paid a $0.94 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.20%. Eaton’s payout ratio is currently 44.39%.

Insider Activity

In other news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Eaton

Several large investors have recently bought and sold shares of ETN. Ritholtz Wealth Management lifted its holdings in Eaton by 5.1% in the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock worth $1,379,000 after buying an additional 277 shares in the last quarter. Pinnbrook Capital Management LP bought a new position in Eaton during the 4th quarter worth $15,109,000. Congress Wealth Management LLC DE boosted its stake in Eaton by 8.1% during the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock valued at $18,479,000 after purchasing an additional 5,725 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Eaton by 30.5% during the fourth quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock valued at $8,205,000 after buying an additional 7,964 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new stake in Eaton in the 4th quarter valued at approximately $1,001,000. 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.