Eaton (NYSE:ETN) Upgraded to "Buy" at Wall Street Zen

Wall Street Zen upgraded shares of Eaton (NYSE:ETN - Free Report) from a hold rating to a buy rating in a research report sent to investors on Sunday morning.

Other research analysts have also recently issued research reports about the stock. KeyCorp upped their price target on shares of Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. BNP Paribas Exane initiated coverage on shares of Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target on the stock. Jefferies Financial Group decreased their price target on shares of Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. BNP Paribas initiated coverage on shares of Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target on the stock. Finally, Barclays decreased their price target on shares of Eaton from $315.00 to $306.00 and set an "equal weight" rating on the stock in a report on Friday, April 4th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued 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 $367.83.

Eaton Stock Performance

Shares of NYSE:ETN traded up $0.12 during trading on Friday, hitting $321.19. 1,432,320 shares of the company were exchanged, compared to its average volume of 2,661,752. The company has a market cap of $125.68 billion, a PE ratio of 33.81, a P/E/G ratio of 2.64 and a beta of 1.14. The stock has a 50 day moving average of $290.68 and a 200 day moving average of $319.32. Eaton has a 52-week low of $231.85 and a 52-week high of $379.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 22.62% and a net margin of 15.25%. The business's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.40 earnings per share. As a group, equities research analysts predict that Eaton will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.30%. Eaton's dividend payout ratio is presently 41.98%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Craig Arnold sold 51,054 shares of the company's stock in a transaction dated 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 directly owns 489,444 shares in the company, valued at $149,490,880.92. This represents a 9.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the sale, the insider now 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 over the last three months. Company insiders own 0.30% of the company's stock.

Institutional Trading of Eaton

Several institutional investors have recently added to or reduced their stakes in the business. Mattson Financial Services LLC boosted its position in Eaton by 35.0% during the first quarter. Mattson Financial Services LLC now owns 7,051 shares of the industrial products company's stock valued at $1,917,000 after buying an additional 1,828 shares during the period. Geneos Wealth Management Inc. boosted its holdings in shares of Eaton by 10.7% during the first quarter. Geneos Wealth Management Inc. now owns 2,913 shares of the industrial products company's stock worth $792,000 after purchasing an additional 281 shares during the period. Belpointe Asset Management LLC boosted its holdings in shares of Eaton by 2.5% during the first quarter. Belpointe Asset Management LLC now owns 2,906 shares of the industrial products company's stock worth $791,000 after purchasing an additional 71 shares during the period. Focus Partners Wealth boosted its holdings in shares of Eaton by 41.1% during the first quarter. Focus Partners Wealth now owns 81,444 shares of the industrial products company's stock worth $22,140,000 after purchasing an additional 23,736 shares during the period. Finally, Integrity Alliance LLC. purchased a new stake in shares of Eaton during the first quarter worth about $638,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

About Eaton

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.