Eaton (NYSE:ETN) Price Target Lowered to $350.00 at Wells Fargo & Company

Eaton (NYSE:ETN) had its price target reduced by Wells Fargo & Company from $370.00 to $350.00 in a report released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

A number of other brokerages have also recently issued reports on ETN. BMO Capital Markets began coverage on Eaton in a report on Friday, March 27th. They issued an “outperform” rating and a $428.00 target price on the stock. Sanford C. Bernstein restated an “outperform” rating on shares of Eaton in a report on Tuesday, January 27th. Wolfe Research raised shares of Eaton from a “peer perform” rating to an “outperform” rating and set a $413.00 price objective for the company in a research note on Tuesday, December 9th. Jefferies Financial Group assumed coverage on shares of Eaton in a report on Monday, March 16th. They issued a “buy” rating and a $430.00 target price for the company. Finally, Barclays boosted their price target on shares of Eaton from $350.00 to $354.00 and gave the company an “equal weight” rating in a report on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average target price of $395.05.

Eaton Stock Up 2.3%

NYSE ETN opened at $365.92 on Wednesday. Eaton has a 12 month low of $231.85 and a 12 month high of $408.45. The company has a market capitalization of $141.97 billion, a P/E ratio of 34.98, a PEG ratio of 2.46 and a beta of 1.17. The company’s 50 day simple moving average is $363.36 and its 200 day simple moving average is $356.13. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.32 and a quick ratio of 0.81.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, February 26th. The industrial products company reported $3.23 earnings per share (EPS) for the quarter. The firm had revenue of $7.06 billion for the quarter. Eaton had a net margin of 14.89% and a return on equity of 25.00%. Equities research analysts expect that Eaton will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Tuesday, March 10th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Tuesday, March 10th. This is a boost from Eaton’s previous quarterly dividend of $1.04. Eaton’s dividend payout ratio is 42.07%.

Insiders Place Their Bets

In other Eaton news, insider Sternadt Paulo Ruiz sold 10,707 shares of Eaton stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $390.26, for a total transaction of $4,178,513.82. Following the transaction, the insider owned 27,729 shares of the company’s stock, valued at $10,821,519.54. The trade was a 27.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.10% of the stock is currently owned by company insiders.

Institutional Trading of Eaton

Institutional investors have recently made changes to their positions in the stock. Fayez Sarofim & Co increased its stake in Eaton by 3.4% in the 3rd quarter. Fayez Sarofim & Co now owns 1,256,177 shares of the industrial products company’s stock valued at $474,444,000 after buying an additional 40,792 shares during the period. Williams Jones Wealth Management LLC. boosted its stake in shares of Eaton by 3.3% during the 3rd quarter. Williams Jones Wealth Management LLC. now owns 515,587 shares of the industrial products company’s stock valued at $192,958,000 after buying an additional 16,422 shares during the period. Baird Financial Group Inc. grew its holdings in shares of Eaton by 8.8% during the 2nd quarter. Baird Financial Group Inc. now owns 370,531 shares of the industrial products company’s stock valued at $132,276,000 after acquiring an additional 29,900 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Eaton by 438.9% during the 4th quarter. SG Americas Securities LLC now owns 364,877 shares of the industrial products company’s stock valued at $116,217,000 after acquiring an additional 297,166 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC increased its stake in shares of Eaton by 23.1% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 310,859 shares of the industrial products company’s stock worth $99,012,000 after acquiring an additional 58,281 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

About Eaton

Eaton (NYSE: ETN) is a diversified power management company that designs, manufactures and distributes products and systems to manage electrical, hydraulic and mechanical power. The company’s offerings are used to improve energy efficiency, reliability and safety across a wide range of applications, with core capabilities in electrical distribution and control, industrial hydraulics and aerospace systems.

Its product portfolio includes switchgear, circuit breakers, transformers, power distribution units, uninterruptible power supplies and surge protection devices for electrical infrastructure, along with hydraulic pumps, valves and filtration systems for industrial and mobile equipment.