Wells Fargo & Company Lowers Eaton (NYSE:ETN) Price Target to $315.00

Eaton (NYSE:ETN) had its price target trimmed by Wells Fargo & Company from $320.00 to $315.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an equal weight rating on the industrial products company’s stock.

Several other brokerages also recently issued reports on ETN. Jefferies Financial Group upped their price target on shares of Eaton from $370.00 to $385.00 and gave the stock a buy rating in a report on Thursday, July 11th. HSBC increased their price objective on Eaton from $240.00 to $280.00 and gave the company a hold rating in a report on Friday, May 3rd. Royal Bank of Canada upgraded Eaton from a sector perform rating to an outperform rating and increased their price objective for the company from $286.00 to $371.00 in a report on Friday, April 5th. Wolfe Research restated an underperform rating and issued a $312.00 price objective on shares of Eaton in a report on Monday, April 8th. Finally, Raymond James assumed coverage on Eaton in a report on Friday, June 28th. They issued an outperform rating and a $375.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $326.53.

Eaton Price Performance

Shares of NYSE:ETN traded up $6.56 during trading on Friday, hitting $279.08. 1,342,829 shares of the company were exchanged, compared to its average volume of 2,158,330. The business’s 50 day moving average is $316.57 and its 200-day moving average is $306.20. The company has a market capitalization of $111.58 billion, a P/E ratio of 32.19, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton has a 1-year low of $191.82 and a 1-year high of $345.19.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.35%. Eaton’s dividend payout ratio is presently 44.39%.

Insider Activity

In other news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the sale, the insider now directly owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eaton

A number of hedge funds have recently added to or reduced their stakes in the stock. Chicago Capital LLC boosted its stake in Eaton by 37.8% during the 2nd quarter. Chicago Capital LLC now owns 61,702 shares of the industrial products company’s stock valued at $19,347,000 after purchasing an additional 16,916 shares during the last quarter. Lake Street Advisors Group LLC boosted its stake in Eaton by 1.5% during the 2nd quarter. Lake Street Advisors Group LLC now owns 22,009 shares of the industrial products company’s stock valued at $6,901,000 after purchasing an additional 332 shares during the last quarter. Advisor OS LLC boosted its stake in Eaton by 11.1% during the 2nd quarter. Advisor OS LLC now owns 1,782 shares of the industrial products company’s stock valued at $559,000 after purchasing an additional 178 shares during the last quarter. Private Advisor Group LLC boosted its stake in Eaton by 5.9% during the 2nd quarter. Private Advisor Group LLC now owns 33,056 shares of the industrial products company’s stock valued at $10,365,000 after purchasing an additional 1,838 shares during the last quarter. Finally, New York Life Investment Management LLC boosted its stake in Eaton by 0.6% during the 2nd quarter. New York Life Investment Management LLC now owns 54,995 shares of the industrial products company’s stock valued at $17,244,000 after purchasing an additional 355 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Company Profile

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.