Eaton (NYSE:ETN) Cut to Hold at StockNews.com

StockNews.com cut shares of Eaton (NYSE:ETN) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Several other analysts also recently issued reports on ETN. Evercore ISI reduced their price target on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a report on Wednesday, February 19th. Wells Fargo & Company dropped their price target on Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Jefferies Financial Group reduced their price objective on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. Melius Research reiterated a “hold” rating and set a $373.00 price objective on shares of Eaton in a research report on Tuesday, January 28th. Finally, KeyCorp reduced their target price on shares of Eaton from $340.00 to $325.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $350.22.

Eaton Trading Up 4.3 %

Shares of ETN stock opened at $287.39 on Tuesday. Eaton has a 1-year low of $231.85 and a 1-year high of $379.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The business’s fifty day moving average price is $282.03 and its 200 day moving average price is $323.63. The firm has a market capitalization of $112.59 billion, a PE ratio of 30.25, a P/E/G ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN) last issued its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same period in the previous year, the firm earned $2.55 earnings per share. As a group, sell-side analysts forecast that Eaton will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend is Monday, May 5th. Eaton’s dividend payout ratio (DPR) is presently 43.79%.

Hedge Funds Weigh In On Eaton

A number of institutional investors and hedge funds have recently bought and sold shares of ETN. Capital A Wealth Management LLC purchased a new position in shares of Eaton during the 4th quarter valued at approximately $26,000. Flagship Wealth Advisors LLC acquired a new position in Eaton during the 4th quarter valued at about $27,000. Noble Wealth Management PBC bought a new position in Eaton in the 4th quarter worth approximately $30,000. Horizon Bancorp Inc. IN grew its stake in shares of Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 74 shares in the last quarter. Finally, Morse Asset Management Inc acquired a new position in Eaton during the 3rd quarter valued at about $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

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.