HSBC Raises Eaton (NYSE:ETN) Price Target to $280.00

Eaton (NYSE:ETN) had its price objective hoisted by HSBC from $240.00 to $280.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the industrial products company’s stock.

Other analysts also recently issued reports about the stock. Mizuho reissued a buy rating and set a $355.00 price target (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Berenberg Bank increased their price target on shares of Eaton from $200.00 to $345.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Argus increased their price objective on shares of Eaton from $290.00 to $350.00 and gave the company a buy rating in a report on Thursday, May 2nd. Citigroup increased their price objective on shares of Eaton from $270.00 to $310.00 and gave the company a buy rating in a report on Friday, February 2nd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Eaton from $279.00 to $325.00 and gave the company an overweight rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $314.27.

Eaton Stock Up 2.2 %

ETN stock opened at $327.40 on Friday. The firm’s fifty day simple moving average is $309.54 and its 200-day simple moving average is $263.61. The company has a market capitalization of $130.89 billion, a P/E ratio of 38.65, a price-to-earnings-growth ratio of 2.54 and a beta of 1.06. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. Eaton has a 12 month low of $165.24 and a 12 month high of $333.05.

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

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.15%. The ex-dividend date is Friday, May 3rd. Eaton’s payout ratio is currently 44.39%.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of Eaton stock in a transaction dated 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 sale, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the sale, the insider now owns 630 shares of the company’s stock, valued at $171,360. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,969 shares of company stock worth $10,904,774. Insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ETN. Tennessee Valley Asset Management Partners purchased a new position in shares of Eaton in the fourth quarter valued at approximately $25,000. LifeSteps Financial Inc. purchased a new position in Eaton in the first quarter worth approximately $25,000. Atwood & Palmer Inc. lifted its stake in 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 acquiring an additional 50 shares during the last quarter. Clear Investment Research LLC purchased a new position in Eaton in the fourth quarter worth approximately $29,000. Finally, Redmont Wealth Advisors LLC purchased a new position in Eaton in the first quarter worth approximately $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

About Eaton

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.