Eaton (NYSE:ETN) Now Covered by Analysts at Citigroup

Citigroup began coverage on shares of Eaton (NYSE:ETN) in a research note published on Monday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $348.00 price objective on the industrial products company’s stock.

Other equities research analysts also recently issued reports about the company. Wolfe Research raised Eaton from an underperform rating to a peer perform rating in a report on Friday, September 6th. Jefferies Financial Group increased their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a buy rating in a research report on Thursday, July 11th. Wells Fargo & Company reduced their price objective on shares of Eaton from $320.00 to $315.00 and set an equal weight rating for the company in a research note on Friday, August 2nd. Raymond James dropped their target price on shares of Eaton from $375.00 to $365.00 and set an outperform rating on the stock in a research note on Monday, September 9th. Finally, Royal Bank of Canada reduced their price target on shares of Eaton from $376.00 to $371.00 and set an outperform rating for the company in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Eaton currently has a consensus rating of Moderate Buy and a consensus price target of $337.41.

Eaton Stock Up 0.2 %

NYSE:ETN opened at $306.55 on Monday. Eaton has a 1-year low of $191.82 and a 1-year high of $345.19. The company has a market capitalization of $122.56 billion, a PE ratio of 36.19, a P/E/G ratio of 2.28 and a beta of 1.01. The firm’s 50-day moving average price is $300.31 and its 200-day moving average price is $311.96. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. On average, equities analysts predict that Eaton will post 10.74 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.23%. Eaton’s payout ratio is presently 44.39%.

Insider Activity

In related news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the transaction, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock valued at $15,809,326 in the last 90 days. Company insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ETN. Vanguard Group Inc. raised its position in shares of Eaton by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after buying an additional 259,615 shares during the last quarter. Coatue Management LLC increased its holdings in Eaton by 5.2% in the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after acquiring an additional 195,809 shares during the last quarter. Legal & General Group Plc lifted its stake in Eaton by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after purchasing an additional 18,077 shares in the last quarter. Capital World Investors boosted its holdings in shares of Eaton by 323.8% during the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after purchasing an additional 2,439,270 shares during the last quarter. Finally, TD Asset Management Inc grew its position in shares of Eaton by 19.9% during the fourth quarter. TD Asset Management Inc now owns 2,029,795 shares of the industrial products company’s stock valued at $488,815,000 after purchasing an additional 337,351 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other 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.