Eaton’s (ETN) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Eaton (NYSE:ETN) in a research report report published on Friday morning, Benzinga reports. They currently have a $374.00 target price on the industrial products company’s stock.

Other equities analysts have also issued research reports about the stock. Mizuho lifted their price target on shares of Eaton from $355.00 to $365.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Citigroup began coverage on Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Barclays decreased their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research report on Friday. Finally, Morgan Stanley initiated coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $341.00.

Eaton Trading Up 1.0 %

Shares of ETN stock opened at $335.00 on Friday. Eaton has a twelve month low of $211.99 and a twelve month high of $349.74. The stock’s fifty day simple moving average is $323.09 and its 200 day simple moving average is $318.36. The company has a quick ratio of 1.07, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $133.36 billion, a P/E ratio of 35.64, a P/E/G ratio of 2.53 and a beta of 1.01.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.47 earnings per share. As a group, sell-side analysts predict that Eaton will post 10.75 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.12%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insiders Place Their Bets

In other news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Karenann K. Terrell acquired 500 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were purchased at an average cost of $298.97 per share, with a total value of $149,485.00. Following the acquisition, the director now directly owns 500 shares of the company’s stock, valued at $149,485. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,511 shares of company stock worth $15,809,326. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

A number of institutional investors have recently added to or reduced their stakes in ETN. Breakwater Investment Management increased its position in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares during the last quarter. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton during the 2nd quarter valued at $29,000. LGT Financial Advisors LLC bought a new stake in shares of Eaton during the 2nd quarter worth $33,000. West Financial Advisors LLC purchased a new position in shares of Eaton in the 3rd quarter worth about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new position in Eaton during the second quarter valued at about $37,000. 82.97% of the stock is 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.