Eaton (ETN) Price Target Cut to $80.00 by Analysts at Morgan Stanley

Eaton (NYSE:ETN) had its target price lowered by Morgan Stanley from $94.00 to $80.00 in a report released on Wednesday morning. The brokerage currently has a hold rating on the industrial products company’s stock.

A number of other equities analysts also recently commented on the company. Wells Fargo & Co restated a buy rating on shares of Eaton in a report on Wednesday, September 26th. Deutsche Bank upped their target price on Eaton from $95.00 to $102.00 and gave the company a buy rating in a report on Friday, September 28th. UBS Group upgraded Eaton from a neutral rating to a buy rating and upped their target price for the company from $91.00 to $100.00 in a report on Friday, September 21st. MED upgraded Eaton from a hold rating to a buy rating and set a $86.00 target price for the company in a report on Thursday, July 12th. Finally, Zacks Investment Research upgraded Eaton from a hold rating to a buy rating and set a $84.00 target price for the company in a report on Tuesday, July 3rd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $86.12.

Shares of NYSE:ETN traded down $0.51 during trading on Wednesday, reaching $73.24. 3,311,600 shares of the company traded hands, compared to its average volume of 3,488,107. Eaton has a 52-week low of $67.70 and a 52-week high of $89.85.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, October 30th. The industrial products company reported $1.43 EPS for the quarter, meeting analysts’ consensus estimates of $1.43. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.49 billion. Eaton had a return on equity of 13.48% and a net margin of 10.06%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 16th. Shareholders of record on Friday, November 2nd will be issued a $0.66 dividend. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $2.64 dividend on an annualized basis and a yield of 3.60%.

In other Eaton news, insider Ken D. Semelsberger sold 11,500 shares of the stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $86.57, for a total value of $995,555.00. Following the completion of the transaction, the insider now owns 78,883 shares in the company, valued at $6,828,901.31. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Richard H. Fearon sold 25,000 shares of the stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $83.29, for a total value of $2,082,250.00. Following the completion of the transaction, the insider now owns 221,459 shares of the company’s stock, valued at approximately $18,445,320.11. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,000 shares of company stock valued at $4,617,645. 0.50% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Allianz Asset Management GmbH boosted its position in Eaton by 4.7% in the first quarter. Allianz Asset Management GmbH now owns 2,005,237 shares of the industrial products company’s stock valued at $160,238,000 after buying an additional 89,950 shares in the last quarter. Cibc Bank USA acquired a new position in Eaton in the second quarter valued at about $236,000. New England Research & Management Inc. acquired a new position in Eaton in the second quarter valued at about $893,000. Bangor Savings Bank boosted its position in Eaton by 7.4% in the second quarter. Bangor Savings Bank now owns 11,648 shares of the industrial products company’s stock valued at $871,000 after buying an additional 798 shares in the last quarter. Finally, First Financial Bank Trust Division boosted its position in Eaton by 10.9% in the second quarter. First Financial Bank Trust Division now owns 57,235 shares of the industrial products company’s stock valued at $4,277,000 after buying an additional 5,612 shares in the last quarter. Institutional investors and hedge funds own 77.79% of the company’s stock.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.

See Also: Retained Earnings

Analyst Recommendations for Eaton (NYSE:ETN)

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