HSBC Boosts Eaton (NYSE:ETN) Price Target to $280.00

Eaton (NYSE:ETN) had its target price increased by HSBC from $240.00 to $280.00 in a report released on Friday morning, Benzinga reports. HSBC currently has a hold rating on the industrial products company’s stock.

A number of other brokerages also recently commented on ETN. Barclays upgraded shares of Eaton from an underweight rating to an equal weight rating and lifted their price target for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. JPMorgan Chase & Co. lifted their price target on shares of Eaton from $279.00 to $325.00 and gave the stock an overweight rating in a report on Wednesday. Argus lifted their price target on shares of Eaton from $290.00 to $350.00 and gave the stock a buy rating in a report on Thursday. Mizuho reiterated a buy rating and set a $355.00 price target (up from $340.00) on shares of Eaton in a report on Wednesday. Finally, Berenberg Bank lifted their price target on shares of Eaton from $200.00 to $345.00 and gave the stock a buy rating in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $314.27.

Eaton Price Performance

ETN traded up $6.15 during midday trading on Friday, reaching $320.50. 1,769,790 shares of the company’s stock were exchanged, compared to its average volume of 2,741,837. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.02. The stock has a market capitalization of $128.14 billion, a PE ratio of 37.84, a P/E/G ratio of 2.49 and a beta of 1.06. The business’s 50-day moving average price is $308.68 and its 200 day moving average price is $261.94. Eaton has a 1-year low of $165.24 and a 1-year high of $333.05.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping 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%. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.88 earnings per share. As a group, equities analysts anticipate that Eaton will post 10.45 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be given a dividend of $0.94 per share. The ex-dividend date is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.17%. Eaton’s payout ratio is currently 44.39%.

Insider Transactions at Eaton

In other news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the transaction, the insider now directly owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the sale, the insider now directly owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Peter Denk sold 1,731 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares in the company, valued at $1,593,380.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,969 shares of company stock valued at $10,904,774. Corporate insiders own 0.53% of the company’s stock.

Institutional Trading of Eaton

Several institutional investors have recently added to or reduced their stakes in the stock. Tennessee Valley Asset Management Partners bought a new stake in Eaton during the fourth quarter valued at $25,000. LifeSteps Financial Inc. bought a new stake in Eaton during the first quarter valued at $25,000. Atwood & Palmer Inc. increased its stake in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares during the last quarter. Clear Investment Research LLC bought a new position in shares of Eaton during the fourth quarter worth about $29,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Eaton during the first quarter worth about $33,000. 82.97% of the stock is owned by institutional investors and hedge funds.

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.