Eaton (NYSE:ETN) Price Target Cut to $320.00 by Analysts at Barclays

Eaton (NYSE:ETN) had its price target reduced by Barclays from $327.00 to $320.00 in a research report sent to investors on Friday morning, Benzinga reports. Barclays currently has an equal weight rating on the industrial products company’s stock.

Several other equities analysts have also recently issued reports on the company. Raymond James reduced their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Wells Fargo & Company lifted their price objective on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Morgan Stanley assumed coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Royal Bank of Canada lowered their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Citigroup assumed coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price target for the company. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $341.00.

Eaton Price Performance

Shares of ETN traded up $3.42 during mid-day trading on Friday, hitting $335.00. The company’s stock had a trading volume of 2,369,253 shares, compared to its average volume of 2,106,960. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The firm has a 50-day simple moving average of $323.09 and a 200 day simple moving average of $318.29. The firm has a market capitalization of $133.36 billion, a P/E ratio of 36.85, a P/E/G ratio of 2.62 and a beta of 1.02. Eaton has a 1-year low of $211.99 and a 1-year high of $349.74.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period last year, the firm earned $2.47 EPS. Analysts predict that Eaton will post 10.75 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is presently 41.36%.

Insiders Place Their Bets

In related news, Director Karenann K. Terrell acquired 500 shares of Eaton stock in a transaction on Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the purchase, the director now directly owns 500 shares in the company, valued at $149,485. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Eaton news, Director Karenann K. Terrell purchased 500 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the purchase, the director now owns 500 shares in the company, valued at $149,485. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dorothy C. Thompson purchased 2,205 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the purchase, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Insiders have sold a total of 52,511 shares of company stock worth $15,809,326 over the last quarter. 0.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Legal & General Group Plc raised its stake in Eaton by 0.6% during the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock valued at $1,005,317,000 after buying an additional 18,077 shares in the last quarter. Capital World Investors raised its stake in Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after buying an additional 2,439,270 shares in the last quarter. Janus Henderson Group PLC raised its stake in Eaton by 15.5% during the first quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock valued at $412,108,000 after buying an additional 176,571 shares in the last quarter. Jennison Associates LLC raised its stake in Eaton by 2,857.4% during the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after buying an additional 1,219,790 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in Eaton by 27,075.5% during the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after buying an additional 1,070,024 shares in the last quarter. Institutional investors and hedge funds 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.