Eaton (NYSE:ETN) Lowered to "Inline" Rating by Evercore ISI

Evercore ISI lowered shares of Eaton (NYSE:ETN - Free Report) from an outperform rating to an inline rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The brokerage currently has $389.00 price objective on the industrial products company's stock, up from their previous price objective of $333.00.

A number of other equities research analysts also recently weighed in on the company. Royal Bank of Canada restated an "outperform" rating and issued a $374.00 target price on shares of Eaton in a research report on Friday, November 1st. Wells Fargo & Company upped their price target on shares of Eaton from $315.00 to $342.00 and gave the company an "equal weight" rating in a report on Monday, October 7th. Citigroup started coverage on shares of Eaton in a research note on Monday, September 16th. They issued a "buy" rating and a $348.00 price objective on the stock. Sanford C. Bernstein began coverage on shares of Eaton in a research report on Tuesday, November 5th. They issued an "outperform" rating and a $382.00 price target on the stock. Finally, Raymond James cut their price objective on Eaton from $375.00 to $365.00 and set an "outperform" rating for the company in a research report on Monday, September 9th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $357.83.

Eaton Trading Up 0.2 %

Shares of ETN traded up $0.67 during trading hours on Wednesday, hitting $369.66. 1,401,220 shares of the stock were exchanged, compared to its average volume of 2,113,406. The business has a 50-day moving average of $331.19 and a 200-day moving average of $320.50. Eaton has a fifty-two week low of $223.87 and a fifty-two week high of $373.49. 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 firm has a market capitalization of $146.09 billion, a P/E ratio of 39.64, a price-to-earnings-growth ratio of 2.96 and a beta of 1.01.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping analysts' consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion during the quarter, compared to analysts' expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business's quarterly revenue was up 7.9% on a year-over-year basis. During the same period last year, the company posted $2.47 earnings per share. On average, research analysts expect that Eaton will post 10.79 EPS for the current year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date is Monday, November 4th. Eaton's dividend payout ratio is 40.00%.

Insider Activity at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was 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 $182,780,769.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 117,745 shares of company stock worth $39,278,367 in the last quarter. Company insiders own 0.53% of the company's stock.

Institutional Investors Weigh In On Eaton

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Breakwater Investment Management lifted its holdings in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 78 shares in the last quarter. Proffitt & Goodson Inc. bought a new stake in shares of Eaton in the 2nd quarter valued at about $29,000. LGT Financial Advisors LLC purchased a new position in Eaton during the second quarter valued at approximately $33,000. West Financial Advisors LLC bought a new position in shares of Eaton in the 3rd quarter worth $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new position in Eaton in the second quarter worth about $37,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

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.