Royal Bank of Canada Increases Eaton (NYSE:ETN) Price Target to $392.00

Eaton (NYSE:ETN) had its price objective lifted by Royal Bank of Canada from $374.00 to $392.00 in a report released on Friday morning,Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

ETN has been the subject of several other research reports. Morgan Stanley started coverage on Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Jefferies Financial Group boosted their price objective on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Mizuho raised their target price on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, UBS Group began coverage on Eaton in a report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 target price on the stock. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $368.83.

Eaton Trading Up 3.2 %

Shares of ETN opened at $342.58 on Friday. Eaton has a 1-year low of $233.73 and a 1-year high of $379.99. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm’s 50-day moving average price is $354.67 and its 200-day moving average price is $328.11. The firm has a market capitalization of $135.39 billion, a price-to-earnings ratio of 36.44, a PEG ratio of 2.74 and a beta of 1.03.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.47 EPS. Sell-side analysts anticipate that Eaton will post 10.8 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were issued a dividend of $0.94 per share. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.10%. Eaton’s payout ratio is 40.00%.

Insider Activity at Eaton

In other news, Director Gregory R. Page sold 4,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the transaction, the director now owns 51,422 shares in the company, valued at $17,241,796.60. This represents a 7.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the sale, the insider now owns 31,200 shares of the company’s stock, valued at $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,981 shares of company stock worth $27,660,117 over the last quarter. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Strategic Wealth Partners Ltd. raised its stake in shares of Eaton by 3.0% in the third quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock worth $340,000 after buying an additional 30 shares during the period. Fairfield Financial Advisors LTD increased its holdings in Eaton by 16.2% in the 3rd quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock worth $71,000 after acquiring an additional 30 shares in the last quarter. Venturi Wealth Management LLC raised its stake in Eaton by 2.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock worth $513,000 after acquiring an additional 32 shares during the period. Austin Private Wealth LLC lifted its holdings in Eaton by 3.7% during the third quarter. Austin Private Wealth LLC now owns 929 shares of the industrial products company’s stock valued at $308,000 after purchasing an additional 33 shares in the last quarter. Finally, Smithfield Trust Co boosted its position in shares of Eaton by 0.6% in the third quarter. Smithfield Trust Co now owns 5,390 shares of the industrial products company’s stock worth $1,789,000 after purchasing an additional 33 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

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.