The Goldman Sachs Group Boosts Eaton (NYSE:ETN) Price Target to $328.00

Eaton (NYSE:ETN) had its price target increased by The Goldman Sachs Group from $287.00 to $328.00 in a report published on Friday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the industrial products company’s stock.

Several other equities analysts have also commented on ETN. UBS Group raised their price objective on Eaton from $255.00 to $305.00 and gave the company a buy rating in a research report on Friday, February 2nd. Wells Fargo & Company raised their price objective on Eaton from $220.00 to $257.00 and gave the company an equal weight rating in a research report on Tuesday, December 19th. Royal Bank of Canada raised their price objective on Eaton from $220.00 to $246.00 and gave the company a sector perform rating in a research report on Friday, February 2nd. Berenberg Bank raised their price objective on Eaton from $200.00 to $345.00 and gave the company a buy rating in a research report on Wednesday, March 6th. Finally, Citigroup raised their price objective on Eaton from $270.00 to $310.00 and gave the company a buy rating in a research report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Eaton currently has an average rating of Moderate Buy and an average target price of $268.20.

Eaton Trading Up 0.3 %

ETN stock traded up $0.85 on Friday, reaching $298.75. The company’s stock had a trading volume of 1,557,062 shares, compared to its average volume of 1,756,643. The business has a fifty day simple moving average of $270.42 and a two-hundred day simple moving average of $239.34. Eaton has a 12-month low of $155.38 and a 12-month high of $303.40. The firm has a market cap of $119.35 billion, a PE ratio of 37.25, a PEG ratio of 2.49 and a beta of 1.07. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.02 and a current ratio of 1.51.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The company had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same quarter last year, the firm posted $2.06 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. As a group, research analysts forecast that Eaton will post 10.25 EPS for the current year.

Eaton Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Monday, March 11th will be paid a dividend of $0.94 per share. This is an increase from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend is Friday, March 8th. Eaton’s payout ratio is currently 46.88%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares in the company, valued at approximately $1,593,380.58. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the transaction, the insider now directly owns 630 shares of the company’s stock, valued at approximately $171,360. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the transaction, the insider now directly owns 5,514 shares in the company, valued at $1,593,380.58. The disclosure for this sale can be found here. Insiders sold a total of 38,969 shares of company stock worth $10,904,774 in the last three months. 0.53% of the stock is currently owned by company insiders.

Institutional Trading of Eaton

Several hedge funds have recently modified their holdings of the company. FinTrust Capital Advisors LLC raised its holdings in shares of Eaton by 2.6% during the 4th quarter. FinTrust Capital Advisors LLC now owns 1,481 shares of the industrial products company’s stock worth $357,000 after acquiring an additional 37 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of Eaton by 3.3% during the 4th quarter. Meeder Asset Management Inc. now owns 1,315 shares of the industrial products company’s stock valued at $317,000 after purchasing an additional 42 shares during the last quarter. Telemus Capital LLC increased its position in shares of Eaton by 1.0% during the 4th quarter. Telemus Capital LLC now owns 4,111 shares of the industrial products company’s stock valued at $990,000 after purchasing an additional 42 shares during the last quarter. Amarillo National Bank increased its position in shares of Eaton by 3.5% during the 4th quarter. Amarillo National Bank now owns 1,270 shares of the industrial products company’s stock valued at $306,000 after purchasing an additional 43 shares during the last quarter. Finally, Monument Capital Management increased its position in shares of Eaton by 1.9% during the 4th quarter. Monument Capital Management now owns 2,415 shares of the industrial products company’s stock valued at $582,000 after purchasing an additional 44 shares during the last quarter. 81.02% of the stock is 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.