Eaton (NYSE:ETN) Now Covered by Morgan Stanley

Morgan Stanley assumed coverage on shares of Eaton (NYSE:ETN) in a research note published on Friday, Marketbeat Ratings reports. The firm issued an overweight rating and a $370.00 price target on the industrial products company’s stock.

A number of other equities analysts have also weighed in on ETN. Jefferies Financial Group boosted their price objective on Eaton from $370.00 to $385.00 and gave the stock a buy rating in a research note on Thursday, July 11th. Evercore ISI lowered their price target on shares of Eaton from $357.00 to $333.00 and set an outperform rating on the stock in a research report on Monday, August 19th. Barclays raised their price objective on shares of Eaton from $318.00 to $319.00 and gave the stock an equal weight rating in a research report on Friday, August 2nd. Raymond James assumed coverage on shares of Eaton in a research note on Friday, June 28th. They set an outperform rating and a $375.00 target price on the stock. Finally, Wells Fargo & Company dropped their price target on shares of Eaton from $320.00 to $315.00 and set an equal weight rating for the company in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $335.18.

Eaton Price Performance

Shares of NYSE ETN opened at $289.38 on Friday. The firm has a 50-day simple moving average of $302.03 and a 200-day simple moving average of $311.45. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $115.20 billion, a price-to-earnings ratio of 34.17, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Eaton has a 52 week low of $191.82 and a 52 week high of $345.19.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. On average, equities analysts predict that Eaton will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors 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 1.30%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is 44.39%.

Insider Buying and Selling at Eaton

In other news, insider Michael Yelton sold 3,136 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the sale, the insider now owns 3,914 shares of the company’s stock, valued at $1,186,411.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Karenann K. Terrell purchased 500 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now directly owns 500 shares in the company, valued at $149,485. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock valued at $15,809,326 in the last three months. 0.53% of the stock is owned by corporate insiders.

Institutional Trading of Eaton

A number of large investors have recently made changes to their positions in ETN. Legacy Capital Group California Inc. grew its holdings in Eaton by 1.2% during the 2nd quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock worth $870,000 after acquiring an additional 32 shares in the last quarter. Well Done LLC grew its stake in shares of Eaton by 1.3% during the second quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock worth $800,000 after purchasing an additional 33 shares in the last quarter. Verdence Capital Advisors LLC increased its holdings in Eaton by 1.7% in the first quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock valued at $644,000 after buying an additional 34 shares during the last quarter. J.W. Cole Advisors Inc. raised its stake in Eaton by 1.7% in the second quarter. J.W. Cole Advisors Inc. now owns 2,053 shares of the industrial products company’s stock valued at $644,000 after buying an additional 35 shares in the last quarter. Finally, Front Row Advisors LLC lifted its holdings in Eaton by 0.4% during the 2nd quarter. Front Row Advisors LLC now owns 7,842 shares of the industrial products company’s stock worth $2,459,000 after buying an additional 35 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

About Eaton

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.