Eaton’s (ETN) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Eaton (NYSE:ETN) in a report published on Friday morning, Benzinga reports. They currently have a $374.00 target price on the industrial products company’s stock.

ETN has been the topic of several other research reports. Wells Fargo & Company upped their price target on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Mizuho boosted their price objective on Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Evercore ISI cut their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Barclays cut their price objective on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $341.00.

Eaton Trading Up 1.0 %

NYSE ETN traded up $3.42 on Friday, reaching $335.00. 2,369,253 shares of the company were exchanged, compared to its average volume of 2,106,960. The business’s fifty day moving average price is $323.09 and its 200 day moving average price is $318.29. The stock has a market capitalization of $133.36 billion, a P/E ratio of 36.85, a price-to-earnings-growth ratio of 2.62 and a beta of 1.02. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton has a fifty-two week low of $211.99 and a fifty-two week high of $349.74.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.47 earnings per share. Analysts forecast that Eaton will post 10.75 earnings per share for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.12%. Eaton’s dividend payout ratio (DPR) is 41.36%.

Insider Activity

In other news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the transaction, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is currently owned by insiders.

Institutional Trading of Eaton

Large investors have recently made changes to their positions in the company. Norden Group LLC acquired a new stake in Eaton during the 1st quarter worth approximately $2,176,000. J.W. Cole Advisors Inc. lifted its position in Eaton by 15.9% during the 1st quarter. J.W. Cole Advisors Inc. now owns 2,018 shares of the industrial products company’s stock worth $631,000 after acquiring an additional 277 shares during the period. Private Advisor Group LLC lifted its position in Eaton by 4.4% during the 1st quarter. Private Advisor Group LLC now owns 31,218 shares of the industrial products company’s stock worth $9,761,000 after acquiring an additional 1,314 shares during the period. Diversify Advisory Services LLC acquired a new stake in Eaton during the 1st quarter worth approximately $371,000. Finally, Resonant Capital Advisors LLC lifted its position in Eaton by 5.1% during the 1st quarter. Resonant Capital Advisors LLC now owns 1,759 shares of the industrial products company’s stock worth $550,000 after acquiring an additional 85 shares during the period. 82.97% of the stock is 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.