Eaton (NYSE:ETN) Research Coverage Started at Citigroup

Citigroup began coverage on shares of Eaton (NYSE:ETN) in a research note issued to investors on Monday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $348.00 target price on the industrial products company’s stock.

ETN has been the topic of several other research reports. Raymond James dropped their price target on Eaton from $375.00 to $365.00 and set an outperform rating on the stock in a research note on Monday, September 9th. Wells Fargo & Company lowered their target price on Eaton from $320.00 to $315.00 and set an equal weight rating on the stock in a research report on Friday, August 2nd. Barclays lifted their target price on Eaton from $318.00 to $319.00 and gave the company an equal weight rating in a research report on Friday, August 2nd. Jefferies Financial Group lifted their target price on Eaton from $370.00 to $385.00 and gave the company a buy rating in a research report on Thursday, July 11th. Finally, Evercore ISI lowered their target price on Eaton from $357.00 to $333.00 and set an outperform rating on the stock in a research report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Eaton has a consensus rating of Moderate Buy and a consensus target price of $337.41.

Eaton Stock Performance

ETN stock opened at $314.65 on Monday. The business’s 50-day moving average price is $299.93 and its two-hundred day moving average price is $312.10. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The firm has a market cap of $125.80 billion, a PE ratio of 37.15, a P/E/G ratio of 2.28 and a beta of 1.01. Eaton has a 1-year low of $191.82 and a 1-year high of $345.19.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (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 firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. As a group, research analysts forecast that Eaton will post 10.74 earnings per share for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders 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 dividend yield of 1.19%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Insider Transactions at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred on 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 owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $2,858,328. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 over the last quarter. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

Institutional investors have recently made changes to their positions in the stock. LifeSteps Financial Inc. bought a new stake in shares of Eaton in the first quarter valued at approximately $25,000. Breakwater Investment Management raised 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 valued at $26,000 after purchasing an additional 78 shares in the last quarter. Atwood & Palmer Inc. raised its position in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares in the last quarter. Clear Investment Research LLC acquired a new position in Eaton during the fourth quarter valued at approximately $29,000. Finally, Proffitt & Goodson Inc. acquired a new position in Eaton during the second quarter valued at approximately $29,000. 82.97% of the stock is currently owned by 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.