Eaton (NYSE:ETN) Price Target Lowered to $305.00 at Wells Fargo & Company

Eaton (NYSE:ETN - Free Report) had its target price cut by Wells Fargo & Company from $335.00 to $305.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the industrial products company's stock.

ETN has been the topic of several other research reports. Sanford C. Bernstein started coverage on Eaton in a research report on Tuesday, November 5th. They set an "outperform" rating and a $382.00 price target on the stock. JPMorgan Chase & Co. lowered their price target on Eaton from $350.00 to $348.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 15th. Melius lowered Eaton from a "buy" rating to a "hold" rating and set a $373.00 price target on the stock. in a research report on Tuesday, January 28th. Jefferies Financial Group boosted their price target on Eaton from $400.00 to $440.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Finally, Citigroup lowered their price target on Eaton from $440.00 to $410.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $362.58.

Remove Ads

Eaton Stock Up 2.8 %

NYSE ETN traded up $7.74 during trading on Wednesday, hitting $285.29. The stock had a trading volume of 4,533,919 shares, compared to its average volume of 3,707,284. The company has a market capitalization of $111.83 billion, a PE ratio of 30.03, a P/E/G ratio of 2.64 and a beta of 1.09. The company's 50-day moving average price is $321.13 and its two-hundred day moving average price is $331.71. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. Eaton has a 12 month low of $255.65 and a 12 month high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same period in the previous year, the business posted $2.55 EPS. As a group, sell-side analysts forecast that Eaton will post 12.02 EPS for the current year.

Eaton Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be given a dividend of $1.04 per share. This is a boost from Eaton's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Monday, March 10th. This represents a $4.16 annualized dividend and a yield of 1.46%. Eaton's dividend payout ratio (DPR) is presently 43.79%.

Insiders Place Their Bets

In other Eaton news, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the sale, the director now owns 43,203 shares in the company, valued at $15,379,403.94. The trade was a 18.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.53% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Wetzel Investment Advisors Inc. increased its holdings in Eaton by 0.9% in the 4th quarter. Wetzel Investment Advisors Inc. now owns 3,101 shares of the industrial products company's stock valued at $1,029,000 after buying an additional 28 shares during the period. Westmount Partners LLC grew its position in shares of Eaton by 3.1% in the 4th quarter. Westmount Partners LLC now owns 985 shares of the industrial products company's stock valued at $327,000 after buying an additional 30 shares during the last quarter. Signal Advisors Wealth LLC raised its position in shares of Eaton by 3.5% during the fourth quarter. Signal Advisors Wealth LLC now owns 896 shares of the industrial products company's stock worth $297,000 after acquiring an additional 30 shares during the last quarter. Lantz Financial LLC boosted its position in Eaton by 4.8% during the fourth quarter. Lantz Financial LLC now owns 659 shares of the industrial products company's stock valued at $219,000 after acquiring an additional 30 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its holdings in Eaton by 2.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company's stock worth $513,000 after acquiring an additional 32 shares during the period. 82.97% of the stock is owned by 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.