Berenberg Bank initiated coverage on shares of Eaton (NYSE:ETN) in a research report released on Thursday morning, BenzingaRatingsTable reports. The firm issued a hold rating and a $110.00 price objective on the industrial products company’s stock.
Other research analysts also recently issued research reports about the stock. UBS Group upped their price target on shares of Eaton from $90.00 to $93.00 and gave the stock a buy rating in a research report on Friday, May 8th. Barclays upped their price target on shares of Eaton from $85.00 to $89.00 and gave the stock an equal weight rating in a research report on Tuesday, July 7th. Stephens downgraded shares of Eaton from an overweight rating to an equal weight rating and cut their price objective for the company from $93.00 to $81.00 in a report on Monday, May 4th. Morgan Stanley increased their price objective on shares of Eaton from $89.00 to $95.00 and gave the company an equal weight rating in a report on Tuesday, July 14th. Finally, Bank of America downgraded shares of Eaton from a buy rating to a neutral rating in a report on Tuesday, May 26th. They noted that the move was a valuation call. Eleven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $96.39.
Shares of ETN traded up $1.03 during mid-day trading on Thursday, hitting $100.50. 17,624 shares of the company were exchanged, compared to its average volume of 1,465,845. Eaton has a 1-year low of $56.42 and a 1-year high of $105.78. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.11 and a current ratio of 1.50. The company has a 50 day moving average of $93.63 and a 200-day moving average of $87.61. The stock has a market cap of $40.20 billion, a price-to-earnings ratio of 26.67, a price-to-earnings-growth ratio of 2.32 and a beta of 1.15.
Eaton (NYSE:ETN) last released its quarterly earnings results on Wednesday, July 29th. The industrial products company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.17. Eaton had a net margin of 8.03% and a return on equity of 12.73%. The firm had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter in the prior year, the firm earned $1.53 EPS. The company’s revenue for the quarter was down 29.5% on a year-over-year basis. Research analysts anticipate that Eaton will post 3.93 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a dividend of $0.73 per share. The ex-dividend date is Thursday, August 13th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.91%. Eaton’s payout ratio is currently 51.50%.
In other Eaton news, insider Richard H. Fearon sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $101.98, for a total value of $5,099,000.00. Following the completion of the transaction, the insider now owns 150,384 shares of the company’s stock, valued at approximately $15,336,160.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Richard H. Fearon sold 22,461 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $91.01, for a total transaction of $2,044,175.61. Following the completion of the transaction, the insider now directly owns 202,445 shares of the company’s stock, valued at approximately $18,424,519.45. The disclosure for this sale can be found here. Insiders have sold a total of 83,008 shares of company stock valued at $8,075,121 in the last ninety days. 0.54% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the business. Macquarie Group Ltd. increased its holdings in shares of Eaton by 1.5% in the 4th quarter. Macquarie Group Ltd. now owns 153,807 shares of the industrial products company’s stock worth $14,569,000 after acquiring an additional 2,271 shares during the period. HNP Capital LLC acquired a new position in shares of Eaton in the first quarter worth about $379,000. Financial Counselors Inc. boosted its holdings in shares of Eaton by 2.2% in the first quarter. Financial Counselors Inc. now owns 140,281 shares of the industrial products company’s stock worth $10,898,000 after buying an additional 3,010 shares during the period. 1776 Wealth LLC lifted its position in shares of Eaton by 3.7% in the first quarter. 1776 Wealth LLC now owns 4,060 shares of the industrial products company’s stock worth $315,000 after purchasing an additional 145 shares in the last quarter. Finally, Signaturefd LLC lifted its position in shares of Eaton by 20.7% in the first quarter. Signaturefd LLC now owns 4,053 shares of the industrial products company’s stock worth $315,000 after purchasing an additional 696 shares in the last quarter. 78.16% of the stock is owned by institutional investors.
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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