Eaton (ETN) Price Target Lowered to $83.00 at Deutsche Bank

Eaton (NYSE:ETN) had its price objective cut by Deutsche Bank from $102.00 to $83.00 in a research note issued to investors on Wednesday. They currently have a buy rating on the industrial products company’s stock.

A number of other research firms have also recently commented on ETN. UBS Group raised shares of Eaton from a neutral rating to a buy rating and lifted their price objective for the stock from $91.00 to $100.00 in a research report on Friday, September 21st. Wells Fargo & Co reaffirmed a buy rating on shares of Eaton in a research report on Wednesday, September 26th. Barclays lifted their price objective on shares of Eaton from $71.00 to $77.00 and gave the stock an underweight rating in a research report on Wednesday, August 1st. Royal Bank of Canada reaffirmed a hold rating and set a $80.00 price objective on shares of Eaton in a research report on Tuesday, July 31st. Finally, Zacks Investment Research cut shares of Eaton from a buy rating to a hold rating in a research report on Tuesday, August 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Eaton presently has a consensus rating of Buy and a consensus target price of $86.12.

ETN stock opened at $73.24 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.49 and a quick ratio of 0.96. Eaton has a one year low of $67.70 and a one year high of $89.85. The firm has a market cap of $31.74 billion, a price-to-earnings ratio of 14.06, a P/E/G ratio of 1.33 and a beta of 1.49.

Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, October 30th. The industrial products company reported $1.43 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.43. Eaton had a net margin of 10.06% and a return on equity of 13.48%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.49 billion. During the same period in the previous year, the business posted $1.25 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Eaton will post 5.35 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Stockholders of record on Friday, November 2nd will be given a $0.66 dividend. The ex-dividend date is Thursday, November 1st. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.60%. Eaton’s payout ratio is presently 56.77%.

In other news, insider Revathi Advaithi sold 15,500 shares of the business’s stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $82.98, for a total value of $1,286,190.00. Following the completion of the sale, the insider now owns 24,715 shares of the company’s stock, valued at $2,050,850.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Richard H. Fearon sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $83.29, for a total transaction of $2,082,250.00. Following the completion of the sale, the insider now directly 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 three months, insiders sold 55,000 shares of company stock valued at $4,617,645. 0.50% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the company. Allianz Asset Management GmbH lifted its position in Eaton by 4.7% during the first quarter. Allianz Asset Management GmbH now owns 2,005,237 shares of the industrial products company’s stock worth $160,238,000 after purchasing an additional 89,950 shares during the period. Cibc Bank USA bought a new stake in Eaton during the second quarter worth about $236,000. New England Research & Management Inc. bought a new stake in Eaton during the second quarter worth about $893,000. Bangor Savings Bank lifted its position in Eaton by 7.4% during the second quarter. Bangor Savings Bank now owns 11,648 shares of the industrial products company’s stock worth $871,000 after purchasing an additional 798 shares during the period. Finally, First Financial Bank Trust Division lifted its position in Eaton by 10.9% during the second quarter. First Financial Bank Trust Division now owns 57,235 shares of the industrial products company’s stock worth $4,277,000 after purchasing an additional 5,612 shares during the period. 77.79% of the stock is owned by institutional investors.

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.

Recommended Story: Call Option

Analyst Recommendations for Eaton (NYSE:ETN)

Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply