Eaton (NYSE:ETN) Reaches New 1-Year High Following Analyst Upgrade

Eaton Co. plc (NYSE:ETNGet Free Report) hit a new 52-week high during mid-day trading on Wednesday after Mizuho raised their price target on the stock from $300.00 to $340.00. Mizuho currently has a buy rating on the stock. Eaton traded as high as $304.95 and last traded at $304.42, with a volume of 68735 shares changing hands. The stock had previously closed at $302.96.

ETN has been the subject of a number of other research reports. UBS Group lifted their price target on Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Bank of America upped their price target on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Monday. 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 note on Friday, March 15th. Citigroup upped their target price on shares of Eaton from $270.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Finally, Berenberg Bank raised their price target on shares of Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $274.20.

Read Our Latest Research Report on ETN

Insider Activity

In other news, insider Peter Denk sold 1,731 shares of Eaton stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the transaction, the insider now directly owns 5,514 shares in the company, valued at $1,593,380.58. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Eaton news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the transaction, the insider now directly owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’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 of the company’s stock, valued at $8,116,427.04. The disclosure for this sale can be found here. Insiders have sold a total of 38,969 shares of company stock valued at $10,904,774 over the last quarter. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Eaton by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after purchasing an additional 259,615 shares during the last quarter. FMR LLC boosted its holdings in Eaton by 36.0% during the 3rd quarter. FMR LLC now owns 19,921,979 shares of the industrial products company’s stock valued at $4,248,960,000 after acquiring an additional 5,270,331 shares during the period. State Street Corp grew its position in Eaton by 3.0% during the 2nd quarter. State Street Corp now owns 17,034,288 shares of the industrial products company’s stock worth $3,425,595,000 after acquiring an additional 495,948 shares during the last quarter. Morgan Stanley increased its stake in Eaton by 26.2% in the 4th quarter. Morgan Stanley now owns 12,542,343 shares of the industrial products company’s stock worth $1,968,521,000 after purchasing an additional 2,602,246 shares during the period. Finally, Geode Capital Management LLC lifted its position in Eaton by 2.5% in the second quarter. Geode Capital Management LLC now owns 7,263,806 shares of the industrial products company’s stock valued at $1,456,299,000 after purchasing an additional 179,258 shares during the last quarter. 81.02% of the stock is currently owned by institutional investors.

Eaton Stock Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02. The business has a 50 day moving average price of $273.07 and a two-hundred day moving average price of $240.32. The stock has a market cap of $126.05 billion, a PE ratio of 39.34, a price-to-earnings-growth ratio of 2.51 and a beta of 1.07.

Eaton (NYSE:ETNGet Free Report) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The business had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The company’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.06 EPS. As a group, equities research analysts forecast that Eaton Co. plc will post 10.25 EPS for the current fiscal year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Monday, March 11th will be given a $0.94 dividend. This is a positive change from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Friday, March 8th. Eaton’s dividend payout ratio (DPR) is currently 46.88%.

About Eaton

(Get Free Report)

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.

Further Reading

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