Eaton (NYSE:ETN) Research Coverage Started at JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of Eaton (NYSE:ETN) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $395.00 price target on the industrial products company’s stock.

A number of other analysts also recently issued reports on the company. Wall Street Zen downgraded Eaton from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Royal Bank Of Canada lifted their price target on shares of Eaton from $526.00 to $539.00 and gave the company an “outperform” rating in a research note on Wednesday, November 4th. Mizuho set a $485.00 price target on Eaton in a research note on Wednesday, November 4th. Weiss Ratings downgraded shares of Eaton from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 23rd. Finally, BMO Capital Markets lifted their target price on shares of Eaton from $477.00 to $487.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $476.86.

Eaton Trading Down 1.9%

Shares of NYSE ETN opened at $352.35 on Wednesday. Eaton has a 52-week low of $311.92 and a 52-week high of $478.00. The firm’s 50 day moving average price is $401.20 and its 200-day moving average price is $397.13. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.78 and a current ratio of 1.23. The company has a market cap of $136.89 billion, a PE ratio of 35.20, a P/E/G ratio of 2.26 and a beta of 1.15.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, November 3rd. The industrial products company reported $3.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.54 by $0.14. The business had revenue of $8.95 billion during the quarter, compared to the consensus estimate of $8.53 billion. Eaton had a return on equity of 25.09% and a net margin of 12.18%. The business’s quarterly revenue was up 28.0% compared to the same quarter last year. During the same period in the previous year, the company posted $3.07 EPS. On average, equities research analysts expect that Eaton will post 13.78 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Tuesday, November 10th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Tuesday, November 10th. Eaton’s dividend payout ratio (DPR) is currently 43.96%.

Hedge Funds Weigh In On Eaton

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in Eaton by 19.6% in the second quarter. Wellington Management Group LLP now owns 6,827,266 shares of the industrial products company’s stock valued at $2,909,235,000 after acquiring an additional 1,120,567 shares in the last quarter. Voya Investment Management LLC boosted its position in shares of Eaton by 2.0% during the 3rd quarter. Voya Investment Management LLC now owns 1,076,283 shares of the industrial products company’s stock worth $462,490,000 after purchasing an additional 20,723 shares in the last quarter. National Pension Service lifted its position in shares of Eaton by 3.5% during the 2nd quarter. National Pension Service now owns 864,731 shares of the industrial products company’s stock valued at $368,479,000 after acquiring an additional 29,436 shares during the period. Aberdeen Group plc increased its position in shares of Eaton by 24.1% in the third quarter. Aberdeen Group plc now owns 838,318 shares of the industrial products company’s stock valued at $360,234,000 after buying an additional 162,941 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its position in shares of Eaton by 43.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 687,204 shares of the industrial products company’s stock worth $293,965,000 after buying an additional 206,945 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Company Profile

Eaton is a global power management company that designs and manufactures products and services intended to help customers manage electrical, hydraulic and mechanical power. Founded in 1911, the company serves customers across a range of industries, including utilities, commercial buildings, data centers, aerospace and transportation. Its offerings include electrical distribution and circuit protection equipment, power quality and backup systems, and power management software and services. Eaton also makes aerospace components and systems, as well as products for vehicle powertrains and related applications.