UBS Group Begins Coverage on Eaton (NYSE:ETN)

UBS Group began coverage on shares of Eaton (NYSE:ETN) in a research report report published on Wednesday, MarketBeat reports. The firm issued a buy rating and a $431.00 target price on the industrial products company’s stock.

ETN has been the subject of a number of other reports. Raymond James lowered their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Wells Fargo & Company upped their price objective on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $374.00 target price on shares of Eaton in a report on Friday, November 1st. Sanford C. Bernstein initiated coverage on Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target for the company. Finally, Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Stock Down 0.8 %

Shares of NYSE:ETN opened at $358.99 on Wednesday. The company has a market capitalization of $141.87 billion, a P/E ratio of 38.19, a P/E/G ratio of 2.96 and a beta of 1.01. The stock’s fifty day simple moving average is $335.82 and its 200-day simple moving average is $321.37. Eaton has a 52-week low of $224.52 and a 52-week high of $373.49. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same period in the previous year, the firm posted $2.47 EPS. Eaton’s revenue was up 7.9% on a year-over-year basis. As a group, equities research analysts forecast that Eaton will post 10.79 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be issued a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. Eaton’s dividend payout ratio is currently 40.00%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Michael Yelton sold 3,136 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. This represents a 44.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,705 shares of company stock valued at $24,516,346 in the last ninety days. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several large investors have recently added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Eaton by 16.5% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 27,561 shares of the industrial products company’s stock valued at $8,618,000 after buying an additional 3,913 shares during the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of Eaton by 4.8% during the first quarter. Kingsview Wealth Management LLC now owns 20,579 shares of the industrial products company’s stock valued at $6,435,000 after purchasing an additional 947 shares during the last quarter. Orion Portfolio Solutions LLC lifted its holdings in shares of Eaton by 2.7% in the 1st quarter. Orion Portfolio Solutions LLC now owns 31,811 shares of the industrial products company’s stock worth $9,947,000 after purchasing an additional 825 shares during the last quarter. Leo Wealth LLC boosted its position in Eaton by 84.2% during the 1st quarter. Leo Wealth LLC now owns 2,468 shares of the industrial products company’s stock valued at $771,000 after purchasing an additional 1,128 shares during the period. Finally, Gratus Wealth Advisors LLC bought a new position in Eaton during the 1st quarter worth $255,000. 82.97% of the stock is currently owned by institutional investors.

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.