Eaton (NYSE:ETN) Trading 0.2% Higher Following Analyst Upgrade

Shares of Eaton Co. plc (NYSE:ETN) were up 0.2% on Wednesday after Barclays raised their price target on the stock from $319.00 to $327.00. Barclays currently has an equal weight rating on the stock. Eaton traded as high as $329.31 and last traded at $328.26. Approximately 238,310 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 2,166,223 shares. The stock had previously closed at $327.58.

Other equities analysts have also issued research reports about the company. Morgan Stanley started coverage on Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Evercore ISI cut their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Wells Fargo & Company cut their target price on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Finally, Raymond James reduced their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $337.88.

Insider Buying and Selling at Eaton

In other news, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now directly 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 worth $15,809,326 over the last quarter. 0.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eaton

Hedge funds have recently added to or reduced their stakes in the business. LifeSteps Financial Inc. acquired a new position in shares of Eaton in the 1st quarter valued at about $25,000. Breakwater Investment Management increased its holdings in shares of 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 acquiring an additional 78 shares in the last quarter. Atwood & Palmer Inc. raised its position in shares of Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the period. Proffitt & Goodson Inc. bought a new position in shares of Eaton in the 2nd quarter worth $29,000. Finally, LGT Financial Advisors LLC acquired a new stake in Eaton in the 2nd quarter valued at $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

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 business’s 50 day simple moving average is $302.61 and its two-hundred day simple moving average is $314.43. The stock has a market capitalization of $130.72 billion, a P/E ratio of 38.60, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02.

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 analysts’ consensus estimates of $2.61 by $0.12. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. As a group, sell-side analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date was Monday, August 5th. Eaton’s payout ratio is currently 44.39%.

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.