Morgan Stanley Raises Eaton (NYSE:ETN) Price Target to $90.00

Eaton (NYSE:ETN) had its price target upped by Morgan Stanley from $88.00 to $90.00 in a research note released on Wednesday, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the industrial products company’s stock.

ETN has been the topic of a number of other research reports. Barclays reaffirmed a sell rating and set a $76.00 price target on shares of Eaton in a research note on Thursday, June 6th. Bank of America downgraded shares of Eaton from a buy rating to a neutral rating and set a $88.00 price target on the stock. in a research note on Thursday, April 4th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $89.00.

NYSE:ETN traded down $0.67 during trading hours on Wednesday, reaching $79.30. 2,683,498 shares of the company were exchanged, compared to its average volume of 2,405,760. The company has a current ratio of 1.83, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. The stock has a market cap of $33.59 billion, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 1.56 and a beta of 1.44. Eaton has a 52-week low of $64.46 and a 52-week high of $89.46. The company’s 50 day moving average is $81.15.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $1.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.02. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.63 billion. Eaton had a net margin of 10.16% and a return on equity of 14.88%. Eaton’s revenue was up .8% on a year-over-year basis. During the same quarter last year, the firm posted $1.39 earnings per share. On average, analysts forecast that Eaton will post 5.88 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Friday, August 2nd will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend is Thursday, August 1st. Eaton’s dividend payout ratio is presently 52.69%.

In related news, insider Richard H. Fearon sold 80,592 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $82.75, for a total transaction of $6,668,988.00. Following the completion of the sale, the insider now directly owns 270,097 shares of the company’s stock, valued at approximately $22,350,526.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Dorothy C. Thompson purchased 1,655 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average cost of $78.54 per share, with a total value of $129,983.70. The disclosure for this purchase can be found here. Company insiders own 0.70% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Financial Gravity Wealth Inc. acquired a new stake in Eaton during the 1st quarter valued at $25,000. Arcadia Investment Management Corp MI acquired a new stake in Eaton during the 2nd quarter valued at $25,000. Destination Wealth Management grew its holdings in Eaton by 103.2% during the 1st quarter. Destination Wealth Management now owns 319 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 162 shares in the last quarter. Hexavest Inc. acquired a new stake in Eaton during the 2nd quarter valued at $28,000. Finally, Alera Investment Advisors LLC grew its holdings in Eaton by 82.9% during the 1st quarter. Alera Investment Advisors LLC now owns 384 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 174 shares in the last quarter. 76.83% of the stock is owned by institutional investors and hedge funds.

Eaton Company Profile

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.

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Analyst Recommendations for Eaton (NYSE:ETN)

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