Citigroup Lowers Eaton (NYSE:ETN) Price Target to $323.00

Eaton (NYSE:ETN) had its price objective cut by Citigroup from $396.00 to $323.00 in a research note published on Monday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other research analysts also recently weighed in on the stock. Evercore ISI decreased their target price on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Melius cut Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a report on Tuesday, January 28th. Melius Research reiterated a “hold” rating and set a $373.00 target price on shares of Eaton in a report on Tuesday, January 28th. Barclays lowered their price target on Eaton from $315.00 to $306.00 and set an “equal weight” rating on the stock in a research report on Friday, April 4th. Finally, Royal Bank of Canada cut their price objective on Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a report on Thursday, March 6th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $350.22.

Eaton Stock Performance

ETN opened at $277.05 on Monday. The company has a market capitalization of $108.54 billion, a price-to-earnings ratio of 29.16, a P/E/G ratio of 2.64 and a beta of 1.09. The business’s 50-day moving average price is $288.60 and its two-hundred day moving average price is $326.82. Eaton has a 1 year low of $231.85 and a 1 year high of $379.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN) last announced its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same period last year, the firm posted $2.55 EPS. Equities analysts expect that Eaton will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were given a $1.04 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.50%. This is a boost from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio (DPR) is presently 43.79%.

Institutional Investors Weigh In On Eaton

Institutional investors and hedge funds have recently bought and sold shares of the company. Wetzel Investment Advisors Inc. increased its position in Eaton by 0.9% during the 4th quarter. Wetzel Investment Advisors Inc. now owns 3,101 shares of the industrial products company’s stock valued at $1,029,000 after purchasing an additional 28 shares during the period. Westmount Partners LLC grew its stake in shares of Eaton by 3.1% in the 4th quarter. Westmount Partners LLC now owns 985 shares of the industrial products company’s stock worth $327,000 after buying an additional 30 shares during the last quarter. Signal Advisors Wealth LLC raised its position in shares of Eaton by 3.5% in the 4th quarter. Signal Advisors Wealth LLC now owns 896 shares of the industrial products company’s stock worth $297,000 after purchasing an additional 30 shares during the last quarter. Lantz Financial LLC grew its holdings in shares of Eaton by 4.8% during the fourth quarter. Lantz Financial LLC now owns 659 shares of the industrial products company’s stock valued at $219,000 after buying an additional 30 shares during the last quarter. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its holdings in shares of Eaton by 2.0% in the 4th quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 1,639 shares of the industrial products company’s stock worth $544,000 after purchasing an additional 32 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

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.