Eaton (NYSE:ETN) Price Target Cut to $371.00 by Analysts at Royal Bank of Canada

Eaton (NYSE:ETN) had its price objective trimmed by Royal Bank of Canada from $376.00 to $371.00 in a report issued on Friday, Benzinga reports. The firm currently has an outperform rating on the industrial products company’s stock.

A number of other brokerages have also commented on ETN. Wolfe Research restated an underperform rating and set a $312.00 price objective on shares of Eaton in a research report on Monday, April 8th. Wells Fargo & Company decreased their target price on shares of Eaton from $320.00 to $315.00 and set an equal weight rating for the company in a research note on Friday. Raymond James assumed coverage on Eaton in a report on Friday, June 28th. They set an outperform rating and a $375.00 price objective for the company. Argus raised their price target on Eaton from $290.00 to $350.00 and gave the stock a buy rating in a research note on Thursday, May 2nd. Finally, Jefferies Financial Group increased their price objective on Eaton from $370.00 to $385.00 and gave the stock a buy rating in a report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Eaton currently has a consensus rating of Moderate Buy and a consensus target price of $326.53.

Eaton Stock Up 2.4 %

NYSE:ETN traded up $6.56 during trading hours on Friday, hitting $279.08. 1,342,829 shares of the stock traded hands, compared to its average volume of 2,158,330. The firm has a market cap of $111.58 billion, a price-to-earnings ratio of 32.19, a PEG ratio of 2.47 and a beta of 1.02. The firm has a 50 day moving average price of $316.57 and a 200 day moving average price of $306.20. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. Eaton has a fifty-two week low of $191.82 and a fifty-two week high of $345.19.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.35%. Eaton’s payout ratio is 44.39%.

Insider Activity at Eaton

In other Eaton news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the sale, the insider now owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eaton

Institutional investors and hedge funds have recently bought and sold shares of the business. Chicago Capital LLC increased its stake in Eaton by 37.8% in the second quarter. Chicago Capital LLC now owns 61,702 shares of the industrial products company’s stock valued at $19,347,000 after acquiring an additional 16,916 shares during the period. Lake Street Advisors Group LLC grew its stake in shares of Eaton by 1.5% in the 2nd quarter. Lake Street Advisors Group LLC now owns 22,009 shares of the industrial products company’s stock valued at $6,901,000 after purchasing an additional 332 shares during the period. Advisor OS LLC raised its holdings in shares of Eaton by 11.1% in the 2nd quarter. Advisor OS LLC now owns 1,782 shares of the industrial products company’s stock worth $559,000 after buying an additional 178 shares in the last quarter. Private Advisor Group LLC lifted its position in shares of Eaton by 5.9% during the 2nd quarter. Private Advisor Group LLC now owns 33,056 shares of the industrial products company’s stock worth $10,365,000 after buying an additional 1,838 shares during the period. Finally, New York Life Investment Management LLC raised its position in Eaton by 0.6% during the second quarter. New York Life Investment Management LLC now owns 54,995 shares of the industrial products company’s stock worth $17,244,000 after acquiring an additional 355 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

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.