Eaton (NYSE:ETN) Given New $325.00 Price Target at JPMorgan Chase & Co.

Eaton (NYSE:ETN) had its target price hoisted by JPMorgan Chase & Co. from $279.00 to $325.00 in a research report released on Wednesday, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Other analysts have also recently issued research reports about the company. Royal Bank of Canada raised Eaton from a sector perform rating to an outperform rating and lifted their price target for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. Wolfe Research reissued an underperform rating and set a $312.00 price target on shares of Eaton in a research report on Monday, April 8th. Citigroup raised their target price on shares of Eaton from $270.00 to $310.00 and gave the stock a buy rating in a report on Friday, February 2nd. Mizuho reaffirmed a buy rating and set a $355.00 price target (up from $340.00) on shares of Eaton in a research report on Wednesday. Finally, Bank of America upped their target price on Eaton from $320.00 to $330.00 and gave the stock a buy rating in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Eaton has an average rating of Moderate Buy and an average target price of $302.93.

Eaton Price Performance

Shares of ETN opened at $312.03 on Wednesday. The stock has a market capitalization of $124.66 billion, a PE ratio of 36.84, a PEG ratio of 2.63 and a beta of 1.06. Eaton has a fifty-two week low of $165.24 and a fifty-two week high of $333.05. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.02 and a current ratio of 1.56. The company has a 50 day moving average price of $307.35 and a 200-day moving average price of $260.80.

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

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be issued a $0.94 dividend. The ex-dividend date is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.21%. Eaton’s payout ratio is 44.39%.

Insider Activity at Eaton

In other Eaton news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of Eaton stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the sale, the insider now owns 29,712 shares in the company, valued at $8,116,427.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Denk sold 1,731 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the transaction, the insider now owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,969 shares of company stock valued at $10,904,774. 0.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eaton

A number of hedge funds have recently made changes to their positions in the stock. Accurate Wealth Management LLC acquired a new stake in shares of Eaton in the third quarter valued at $226,000. Vicus Capital acquired a new position in Eaton in the 3rd quarter valued at about $301,000. Cambridge Investment Research Advisors Inc. increased its stake in Eaton by 6.2% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 62,359 shares of the industrial products company’s stock worth $13,300,000 after purchasing an additional 3,648 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in shares of Eaton by 4.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 105,233 shares of the industrial products company’s stock worth $22,444,000 after purchasing an additional 4,048 shares in the last quarter. Finally, FinTrust Capital Advisors LLC boosted its stake in shares of Eaton by 9.6% in the third quarter. FinTrust Capital Advisors LLC now owns 1,444 shares of the industrial products company’s stock valued at $308,000 after purchasing an additional 126 shares during the period. Hedge funds and other 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.