Wells Fargo & Co reaffirmed their buy rating on shares of Eaton (NYSE:ETN) in a research note issued to investors on Tuesday, Marketbeat.com reports. They currently have a $85.00 price objective on the industrial products company’s stock, down from their prior price objective of $96.00. The analysts noted that the move was a valuation call.
Several other brokerages also recently commented on ETN. UBS Group raised Eaton from a neutral rating to a buy rating and boosted their target price for the stock from $91.00 to $100.00 in a report on Friday, September 21st. ValuEngine downgraded Eaton from a hold rating to a sell rating in a report on Monday, July 2nd. Zacks Investment Research raised Eaton from a hold rating to a buy rating and set a $91.00 target price on the stock in a report on Monday, August 6th. Credit Suisse Group initiated coverage on Eaton in a report on Friday, October 12th. They issued an outperform rating and a $91.00 target price on the stock. Finally, Deutsche Bank boosted their target price on Eaton from $95.00 to $102.00 and gave the stock a buy rating in a report on Friday, September 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $86.12.
Shares of ETN opened at $73.24 on Tuesday. The company has a market capitalization of $31.06 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.30 and a beta of 1.49. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.96 and a current ratio of 1.49. Eaton has a one year low of $67.70 and a one year high of $89.85.
Eaton (NYSE:ETN) last announced its earnings results on Tuesday, October 30th. The industrial products company reported $1.43 EPS for the quarter, hitting the consensus estimate of $1.43. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.49 billion. Eaton had a return on equity of 13.48% and a net margin of 10.06%. Eaton’s revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.25 EPS. On average, sell-side analysts expect that Eaton will post 5.35 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 16th. Shareholders of record on Friday, November 2nd will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 3.60%. The ex-dividend date is Thursday, November 1st. Eaton’s dividend payout ratio is 56.77%.
In other Eaton news, insider Richard H. Fearon sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $83.29, for a total transaction of $2,082,250.00. Following the transaction, the insider now owns 221,459 shares of the company’s stock, valued at approximately $18,445,320.11. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Revathi Advaithi sold 15,500 shares of the company’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $82.98, for a total value of $1,286,190.00. Following the transaction, the insider now directly owns 24,715 shares in the company, valued at approximately $2,050,850.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 55,000 shares of company stock worth $4,617,645. Company insiders own 0.50% of the company’s stock.
Large investors have recently bought and sold shares of the business. Financial Architects Inc raised its position in shares of Eaton by 2,675.0% during the 3rd quarter. Financial Architects Inc now owns 1,221 shares of the industrial products company’s stock valued at $106,000 after acquiring an additional 1,177 shares during the last quarter. Reilly Financial Advisors LLC raised its position in shares of Eaton by 145.3% during the 3rd quarter. Reilly Financial Advisors LLC now owns 1,266 shares of the industrial products company’s stock valued at $110,000 after acquiring an additional 750 shares during the last quarter. Zions Bancorporation bought a new stake in shares of Eaton during the 2nd quarter valued at $113,000. Fort L.P. bought a new stake in shares of Eaton during the 2nd quarter valued at $116,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Eaton during the 2nd quarter valued at $123,000. 77.79% of the stock is currently owned by hedge funds and other institutional investors.
Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
Featured Article: Do closed-end mutual funds pay dividends?
Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.