Eaton (NYSE:ETN) Given New $350.00 Price Target at Argus

Eaton (NYSE:ETN) had its price objective hoisted by Argus from $290.00 to $350.00 in a report issued on Thursday, Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other equities research analysts have also recently commented on ETN. Mizuho reaffirmed a buy rating and set a $355.00 target price (up previously from $340.00) on shares of Eaton in a research note on Wednesday. UBS Group lifted their price target on Eaton from $255.00 to $305.00 and gave the company a buy rating in a research report on Friday, February 2nd. JPMorgan Chase & Co. increased their target price on Eaton from $279.00 to $325.00 and gave the company an overweight rating in a report on Wednesday. Evercore ISI increased their price objective on Eaton from $262.00 to $308.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. Finally, The Goldman Sachs Group raised their price objective on Eaton from $287.00 to $328.00 and gave the company a buy rating in a research report on Friday, March 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $314.27.

Eaton Trading Up 2.0 %

Shares of Eaton stock traded up $6.15 during trading on Thursday, hitting $320.50. 1,769,790 shares of the company were exchanged, compared to its average volume of 2,741,837. Eaton has a 1-year low of $165.24 and a 1-year high of $333.05. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.02. The firm has a market capitalization of $128.14 billion, a P/E ratio of 37.84, a price-to-earnings-growth ratio of 2.54 and a beta of 1.06. The firm’s fifty day moving average price is $308.68 and its 200 day moving average price is $261.94.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The firm had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.88 EPS. As a group, sell-side analysts expect that Eaton will post 10.45 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Friday, May 3rd. Eaton’s payout ratio is currently 44.39%.

Insider Activity

In other news, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the sale, the insider now directly owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the completion of the transaction, the insider now directly owns 29,712 shares in the company, valued at approximately $8,116,427.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the transaction, the insider now owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. In the last three months, insiders sold 38,969 shares of company stock valued at $10,904,774. Company insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ETN. Tennessee Valley Asset Management Partners acquired a new stake in Eaton during the 4th quarter worth approximately $25,000. LifeSteps Financial Inc. bought a new position in Eaton during the first quarter worth $25,000. Atwood & Palmer Inc. boosted its position in shares of Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares during the period. Clear Investment Research LLC acquired a new position in Eaton in the fourth quarter valued at about $29,000. Finally, Redmont Wealth Advisors LLC acquired a new position in Eaton during the first quarter worth about $33,000. 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.