Eaton (NYSE:ETN) Cut to “Inline” at Evercore ISI

Evercore ISI cut shares of Eaton (NYSE:ETN) from an outperform rating to an inline rating in a research note released on Wednesday, Marketbeat reports. They currently have $389.00 price objective on the industrial products company’s stock, up from their previous price objective of $333.00.

ETN has been the topic of several other research reports. Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price on the stock. Barclays reduced their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Citigroup initiated coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $374.00 price objective on shares of Eaton in a research note on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average price target of $357.83.

Eaton Stock Down 0.8 %

Shares of NYSE ETN opened at $358.99 on Wednesday. Eaton has a 1 year low of $224.52 and a 1 year high of $373.49. The stock 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 company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The company has a 50-day moving average price of $335.82 and a 200-day moving average price of $321.35.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating 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 21.97% and a net margin of 15.32%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the company earned $2.47 earnings per share. On average, equities research analysts forecast that Eaton will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be given a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. Eaton’s dividend payout ratio is 40.00%.

Insider Activity at Eaton

In other news, Director Karenann K. Terrell acquired 500 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares in the company, valued at $149,485. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,705 shares of company stock worth $24,516,346 over the last 90 days. 0.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eaton

A number of hedge funds have recently added to or reduced their stakes in the stock. Breakwater Investment Management lifted its holdings in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares during the period. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton during the 2nd quarter valued at about $29,000. Morse Asset Management Inc bought a new position in shares of Eaton in the 3rd quarter worth approximately $33,000. LGT Financial Advisors LLC purchased a new position in shares of Eaton in the second quarter worth approximately $33,000. Finally, West Financial Advisors LLC purchased a new position in shares of Eaton in the third quarter worth approximately $35,000. 82.97% of the stock is currently owned by hedge funds and other 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.