Eaton (ETN) Rating Increased to Neutral at JPMorgan Chase & Co.
JPMorgan Chase & Co. upgraded shares of Eaton (NYSE:ETN) from an underweight rating to a neutral rating in a research note published on Thursday morning, Marketbeat.com reports. JPMorgan Chase & Co. currently has $82.00 price objective on the industrial products company’s stock.
Other equities analysts have also recently issued reports about the company. ValuEngine upgraded Eaton from a hold rating to a buy rating in a research note on Friday, February 2nd. Citigroup raised their price objective on Eaton from $90.00 to $92.00 and gave the company a buy rating in a research note on Thursday, November 2nd. Zacks Investment Research upgraded Eaton from a hold rating to a buy rating and set a $88.00 price objective on the stock in a research note on Tuesday, January 2nd. Stifel Nicolaus upgraded Eaton from a hold rating to a buy rating and raised their price objective for the company from $77.00 to $99.00 in a research note on Sunday, February 4th. Finally, Argus upgraded Eaton to a buy rating and raised their price objective for the company from $85.00 to $90.00 in a research note on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the stock. Eaton currently has an average rating of Hold and an average price target of $88.43.
Shares of Eaton (NYSE ETN) traded down $1.27 during trading hours on Thursday, reaching $78.43. The company’s stock had a trading volume of 388,980 shares, compared to its average volume of 2,819,877. The company has a current ratio of 1.64, a quick ratio of 1.13 and a debt-to-equity ratio of 0.41. Eaton has a fifty-two week low of $69.82 and a fifty-two week high of $89.85. The company has a market cap of $35,083.94, a PE ratio of 11.79, a PEG ratio of 1.92 and a beta of 1.36.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Stockholders of record on Monday, March 12th will be paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.37%. This is a boost from Eaton’s previous quarterly dividend of $0.60. The ex-dividend date is Friday, March 9th. Eaton’s payout ratio is presently 35.93%.
In other news, insider Ken D. Semelsberger sold 15,595 shares of Eaton stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $82.67, for a total transaction of $1,289,238.65. Following the sale, the insider now directly owns 104,613 shares in the company, valued at approximately $8,648,356.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nandakumar Cheruvatath sold 10,000 shares of Eaton stock in a transaction on Friday, December 8th. The stock was sold at an average price of $77.50, for a total value of $775,000.00. Following the sale, the insider now owns 16,571 shares in the company, valued at $1,284,252.50. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in ETN. Independence Bank of Kentucky purchased a new stake in Eaton in the 4th quarter worth about $118,000. Delpha Capital Management LLC purchased a new stake in Eaton in the 4th quarter worth about $124,000. Fieldpoint Private Securities LLC purchased a new stake in Eaton in the 3rd quarter worth about $130,000. Murphy Capital Management Inc. purchased a new stake in Eaton in the 4th quarter worth about $201,000. Finally, Montag A & Associates Inc. purchased a new stake in Eaton in the 4th quarter worth about $201,000. 76.73% of the stock is owned by institutional investors.
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Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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