Eaton (NYSE:ETN) Now Covered by Analysts at Raymond James

Raymond James assumed coverage on shares of Eaton (NYSE:ETN) in a research report sent to investors on Friday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $375.00 price objective on the industrial products company’s stock.

Other equities analysts have also recently issued reports about the company. Bank of America lifted their target price on Eaton from $320.00 to $330.00 and gave the stock a buy rating in a report on Monday, March 18th. Royal Bank of Canada upgraded Eaton from a sector perform rating to an outperform rating and boosted their price objective for the stock from $286.00 to $371.00 in a report on Friday, April 5th. Berenberg Bank upped their price objective on shares of Eaton from $200.00 to $345.00 and gave the company a buy rating in a research note on Wednesday, March 6th. Wolfe Research reissued an underperform rating and issued a $312.00 target price on shares of Eaton in a research report on Monday, April 8th. Finally, Barclays upgraded shares of Eaton from an underweight rating to an equal weight rating and upped their price target for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Eaton currently has a consensus rating of Moderate Buy and a consensus target price of $318.06.

Eaton Price Performance

Shares of Eaton stock opened at $313.55 on Friday. Eaton has a 52 week low of $191.82 and a 52 week high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $325.35 and its two-hundred day moving average price is $292.34. The stock has a market cap of $125.36 billion, a PE ratio of 37.02, a price-to-earnings-growth ratio of 2.64 and a beta of 1.04.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.88 EPS. As a group, sell-side analysts anticipate that Eaton will post 10.56 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Activity

In related news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eaton

Several institutional investors have recently bought and sold shares of ETN. Tennessee Valley Asset Management Partners acquired a new stake in Eaton in the 4th quarter worth approximately $25,000. LifeSteps Financial Inc. bought a new position in shares of Eaton in the first quarter valued at approximately $25,000. Atwood & Palmer Inc. lifted its stake 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 worth $27,000 after buying an additional 50 shares during the last quarter. Clear Investment Research LLC bought a new stake in shares of Eaton during the 4th quarter worth $29,000. Finally, Redmont Wealth Advisors LLC acquired a new position in Eaton in the 1st quarter valued at $33,000. 82.97% of the stock is currently owned by 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.