Eaton (NYSE:ETN) Price Target Raised to $410.00 at KeyCorp

Eaton (NYSE:ETN - Free Report) had its target price lifted by KeyCorp from $355.00 to $410.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an overweight rating on the industrial products company's stock.

A number of other analysts have also recently commented on the company. Wells Fargo & Company boosted their price objective on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. BNP Paribas Exane started coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target on the stock. Citigroup lifted their price target on Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Barclays lifted their price target on Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $377.89.

Eaton Stock Performance

NYSE ETN traded down $1.83 during trading hours on Tuesday, reaching $378.89. The stock had a trading volume of 2,937,843 shares, compared to its average volume of 2,673,554. The stock has a fifty day moving average of $337.91 and a 200 day moving average of $314.48. The stock has a market cap of $148.26 billion, a P/E ratio of 38.23, a price-to-earnings-growth ratio of 2.74 and a beta of 1.17. Eaton has a 52-week low of $231.85 and a 52-week high of $387.50. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. The business had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The business's revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.40 earnings per share. Sell-side analysts predict that Eaton will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were given a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.10%. Eaton's dividend payout ratio is currently 41.98%.

Insider Buying and Selling at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the 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 sale, the insider directly owned 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider owned 490,208 shares in the company, valued at approximately $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 156,660 shares of company stock valued at $49,622,894. Company insiders own 0.30% of the company's stock.

Institutional Trading of Eaton

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Eaton by 0.8% in the first quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company's stock valued at $10,195,725,000 after buying an additional 289,819 shares during the last quarter. FMR LLC boosted its stake in Eaton by 1.2% in the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock valued at $5,051,807,000 after acquiring an additional 182,455 shares in the last quarter. Geode Capital Management LLC boosted its stake in Eaton by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock valued at $2,714,677,000 after acquiring an additional 129,071 shares in the last quarter. Nuveen LLC acquired a new position in Eaton in the first quarter valued at $1,472,231,000. Finally, Nuveen Asset Management LLC boosted its stake in Eaton by 4.3% in the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock valued at $1,550,226,000 after acquiring an additional 192,482 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

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.