Eaton (ETN) Now Covered by Analysts at Morgan Stanley
Morgan Stanley assumed coverage on shares of Eaton (NYSE:ETN) in a research note issued to investors on Monday morning, The Fly reports. The brokerage issued an equal weight rating on the industrial products company’s stock.
A number of other research firms also recently issued reports on ETN. Royal Bank of Canada restated a hold rating and issued a $80.00 price target on shares of Eaton in a research note on Tuesday, July 31st. Wells Fargo & Co set a $92.00 price target on Eaton and gave the stock a buy rating in a research note on Wednesday, August 1st. Barclays raised their price target on Eaton from $71.00 to $77.00 and gave the stock an underweight rating in a research note on Wednesday, August 1st. Zacks Investment Research downgraded Eaton from a buy rating to a hold rating in a research note on Tuesday, August 7th. Finally, JPMorgan Chase & Co. upgraded Eaton from a neutral rating to an overweight rating and set a $92.00 price target on the stock in a research note on Monday, August 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $87.72.
Eaton stock opened at $81.35 on Monday. The firm has a market capitalization of $35.10 billion, a price-to-earnings ratio of 16.10, a price-to-earnings-growth ratio of 1.47 and a beta of 1.42. Eaton has a 12 month low of $69.82 and a 12 month high of $89.85. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.47 and a quick ratio of 0.96.
The business also recently announced a quarterly dividend, which was paid on Friday, August 17th. Investors of record on Friday, August 3rd were given a dividend of $0.66 per share. The ex-dividend date was Thursday, August 2nd. This represents a $2.64 annualized dividend and a yield of 3.25%. Eaton’s dividend payout ratio (DPR) is presently 56.77%.
In related news, Director Michael J. Critelli sold 5,000 shares of Eaton stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $80.86, for a total transaction of $404,300.00. Following the transaction, the director now directly owns 65,566 shares in the company, valued at $5,301,666.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard M. Eubanks sold 7,175 shares of Eaton stock in a transaction on Thursday, June 7th. The shares were sold at an average price of $80.21, for a total value of $575,506.75. Following the transaction, the insider now owns 10,964 shares in the company, valued at $879,422.44. The disclosure for this sale can be found here. Insiders have sold 27,683 shares of company stock worth $2,220,088 over the last quarter. 0.50% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Silvant Capital Management LLC bought a new stake in Eaton during the first quarter valued at about $105,000. Zions Bancorporation bought a new stake in Eaton during the second quarter valued at about $113,000. Fort L.P. bought a new stake in Eaton during the second quarter valued at about $116,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in Eaton during the second quarter valued at about $123,000. Finally, Thompson Davis & CO. Inc. bought a new stake in Eaton during the first quarter valued at about $124,000. Institutional investors own 80.73% 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.
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