Bank of America Issues Positive Forecast for Eaton (NYSE:ETN) Stock Price

Eaton (NYSE:ETN) had its price objective upped by Bank of America from $350.00 to $410.00 in a research report released on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

Several other analysts have also issued reports on ETN. Royal Bank of Canada reiterated an “outperform” rating and set a $374.00 target price on shares of Eaton in a report on Friday, November 1st. Raymond James lowered their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Wells Fargo & Company lifted their price objective on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Sanford C. Bernstein began coverage on shares of Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 target price for the company. Finally, UBS Group began coverage on Eaton in a research note on Wednesday. They issued a “buy” rating and a $431.00 price objective on the stock. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $357.83.

Eaton Trading Down 0.7 %

ETN opened at $367.15 on Wednesday. The firm’s fifty day simple moving average is $332.81 and its 200 day simple moving average is $320.84. Eaton has a 12 month low of $224.52 and a 12 month high of $373.49. The stock has a market capitalization of $145.10 billion, a P/E ratio of 39.35, a P/E/G ratio of 2.96 and a beta of 1.01. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.47 earnings per share. As a group, research analysts anticipate that Eaton will post 10.79 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. Stockholders of record on Monday, November 4th will be given a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.02%. Eaton’s payout ratio is 40.00%.

Insider Buying and Selling at Eaton

In related news, Director Karenann K. Terrell purchased 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, with a total value 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 Securities & Exchange Commission, which is available through the SEC website. In other Eaton news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction dated 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 purchase, the director now owns 500 shares in the company, valued at approximately $149,485. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dorothy C. Thompson bought 2,205 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now directly 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 sold 68,705 shares of company stock valued at $24,516,346 in the last three months. Corporate 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. Breakwater Investment Management grew its stake in shares of Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the last quarter. Proffitt & Goodson Inc. acquired a new stake in shares of Eaton in the second quarter valued at about $29,000. LGT Financial Advisors LLC bought a new position in shares of Eaton during the second quarter worth about $33,000. West Financial Advisors LLC acquired a new position in shares of Eaton in the 3rd quarter worth approximately $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in shares of Eaton during the second quarter worth $37,000. Institutional investors 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.