Eaton (NYSE:ETN) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Eaton (NYSE:ETN - Free Report) from a buy rating to a hold rating in a research note published on Saturday.

ETN has been the topic of several other research reports. Jefferies Financial Group dropped their price target on shares of Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. KeyCorp upped their target price on shares of Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Morgan Stanley decreased their price target on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Evercore ISI cut their target price on Eaton from $382.00 to $326.00 and set an "in-line" rating for the company in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $355.00 price target on shares of Eaton in a report on Monday, May 5th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $361.13.

Eaton Stock Up 4.0%

Shares of NYSE ETN traded up $12.43 during midday trading on Friday, hitting $322.30. The stock had a trading volume of 3,541,906 shares, compared to its average volume of 2,651,548. The business's 50 day moving average is $282.81 and its 200-day moving average is $319.96. Eaton has a 52 week low of $231.85 and a 52 week high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The company has a market cap of $126.12 billion, a P/E ratio of 33.93, a PEG ratio of 2.64 and a beta of 1.14.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The business's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.40 EPS. As a group, analysts predict that Eaton will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be given a $1.04 dividend. The ex-dividend date is Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.29%. Eaton's dividend payout ratio (DPR) is 41.98%.

Insiders Place Their Bets

In other news, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider now directly owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Craig Arnold sold 51,054 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the completion of the sale, the insider now owns 489,444 shares of the company's stock, valued at approximately $149,490,880.92. This trade represents a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Eaton

Institutional investors and hedge funds have recently made changes to their positions in the stock. IMA Advisory Services Inc. acquired a new stake in shares of Eaton in the first quarter worth $25,000. Capital A Wealth Management LLC acquired a new position in shares of Eaton in the 4th quarter valued at about $26,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton in the fourth quarter worth about $27,000. Creative Financial Designs Inc. ADV grew its holdings in Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after acquiring an additional 51 shares during the period. Finally, Noble Wealth Management PBC acquired a new position in Eaton in the fourth quarter valued at approximately $30,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

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.