Argus Boosts Eaton (NYSE:ETN) Price Target to $350.00

Eaton (NYSE:ETN - Free Report) had its price objective raised by Argus from $290.00 to $350.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has a buy rating on the industrial products company's stock.

ETN has been the topic of several other research reports. Barclays upgraded Eaton from an underweight rating to an equal weight rating and lifted their price target for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. The Goldman Sachs Group increased their price target on Eaton from $287.00 to $328.00 and gave the company a buy rating in a report on Friday, March 15th. Royal Bank of Canada upgraded shares of Eaton from a sector perform rating to an outperform rating and raised their price objective for the company from $286.00 to $371.00 in a research note on Friday, April 5th. Mizuho restated a buy rating and set a $355.00 price target (up previously from $340.00) on shares of Eaton in a report on Wednesday. Finally, Berenberg Bank upped their target price on shares of Eaton from $200.00 to $345.00 and gave the company a buy rating in a research note on Wednesday, March 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eaton has an average rating of Moderate Buy and a consensus price target of $309.60.

Eaton Price Performance

Shares of NYSE:ETN traded up $3.24 during midday trading on Thursday, reaching $315.27. 3,009,305 shares of the company were exchanged, compared to its average volume of 2,039,755. Eaton has a one year low of $165.24 and a one year high of $333.05. The business's fifty day moving average is $307.35 and its two-hundred day moving average is $260.80. The stock has a market cap of $125.95 billion, a PE ratio of 36.42, a price-to-earnings-growth ratio of 2.63 and a beta of 1.06. The company has a current ratio of 1.56, a quick ratio of 1.02 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the business posted $1.88 EPS. The company's quarterly revenue was up 8.4% compared to the same quarter last year. As a group, analysts predict that Eaton will post 10.33 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be paid a $0.94 dividend. The ex-dividend date is Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.19%. Eaton's dividend payout ratio is currently 44.39%.

Insider Activity

In other news, insider Olivier Leonetti sold 4,461 shares of the business's stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the completion of the transaction, the insider now owns 630 shares of the company's stock, valued at $171,360. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the firm's stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the transaction, the insider now owns 630 shares in the company, valued at approximately $171,360. The disclosure for this sale can be found here. Insiders sold a total of 38,969 shares of company stock valued at $10,904,774 in the last 90 days. 0.53% of the stock is currently owned by insiders.

Institutional Trading of Eaton

Institutional investors have recently added to or reduced their stakes in the company. Ritholtz Wealth Management lifted its position in shares of Eaton by 5.1% during the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company's stock valued at $1,379,000 after acquiring an additional 277 shares during the period. Pinnbrook Capital Management LP purchased a new stake in Eaton in the fourth quarter valued at approximately $15,109,000. Pacer Advisors Inc. raised its stake in shares of Eaton by 30.5% during the fourth quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company's stock worth $8,205,000 after acquiring an additional 7,964 shares in the last quarter. Chicago Capital LLC bought a new stake in Eaton in the fourth quarter valued at $2,958,000. Finally, Neo Ivy Capital Management purchased a new position in Eaton in the 3rd quarter worth about $479,000. 82.97% of the stock is currently owned by 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.