Eaton (NYSE:ETN) Research Coverage Started at Citigroup

by · The Markets Daily

Citigroup initiated coverage on shares of Eaton (NYSE:ETN – Free Report) in a research note released on Monday morning, MarketBeat reports. The brokerage issued a buy rating and a $348.00 price objective on the industrial products company’s stock.

A number of other equities research analysts have also issued reports on ETN. Barclays increased their price objective on shares of Eaton from $318.00 to $319.00 and gave the company an equal weight rating in a report on Friday, August 2nd. Wells Fargo & Company reduced their price target on shares of Eaton from $320.00 to $315.00 and set an equal weight rating on the stock in a report on Friday, August 2nd. Morgan Stanley began coverage on shares of Eaton in a report on Friday, September 6th. They set an overweight rating and a $370.00 price objective for the company. Royal Bank of Canada reduced their target price on Eaton from $376.00 to $371.00 and set an outperform rating on the stock in a report on Friday, August 2nd. Finally, Evercore ISI dropped their price target on Eaton from $357.00 to $333.00 and set an outperform rating for the company in a research note on Monday, August 19th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $337.41.

Check Out Our Latest Stock Analysis on Eaton

Eaton Stock Up 4.5 %

Shares of ETN stock opened at $328.92 on Monday. The company has a market capitalization of $131.50 billion, a price-to-earnings ratio of 38.83, a PEG ratio of 2.28 and a beta of 1.01. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The company’s fifty day moving average price is $299.93 and its 200-day moving average price is $312.22. Eaton has a one year low of $191.82 and a one year high of $345.19.

Eaton (NYSE:ETN – Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 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 business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Sell-side analysts expect that Eaton will post 10.74 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.14%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Activity

In related news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Dorothy C. Thompson purchased 2,205 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael Yelton sold 3,136 shares of the 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 transaction, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eaton

Several hedge funds have recently made changes to their positions in the company. Legacy Capital Group California Inc. lifted its stake in Eaton by 1.2% in the second quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock worth $870,000 after acquiring an additional 32 shares during the period. Well Done LLC lifted its position in shares of Eaton by 1.3% in the 2nd quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock worth $800,000 after purchasing an additional 33 shares during the period. Verdence Capital Advisors LLC boosted its stake in shares of Eaton by 1.7% during the first quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock valued at $644,000 after purchasing an additional 34 shares in the last quarter. J.W. Cole Advisors Inc. increased its holdings in Eaton by 1.7% during the second quarter. J.W. Cole Advisors Inc. now owns 2,053 shares of the industrial products company’s stock valued at $644,000 after buying an additional 35 shares during the period. Finally, Front Row Advisors LLC raised its stake in Eaton by 0.4% in the second quarter. Front Row Advisors LLC now owns 7,842 shares of the industrial products company’s stock worth $2,459,000 after buying an additional 35 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Company Profile

(Get Free Report)

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.

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