Eaton (NYSE:ETN) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Eaton (NYSE:ETN) had its price objective upped by Royal Bank of Canada from $374.00 to $392.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 14.43% from the stock’s previous close.

ETN has been the subject of a number of other research reports. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Mizuho upped their target price on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Wells Fargo & Company raised their price target on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. UBS Group initiated coverage on shares of Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price on the stock. Finally, Barclays boosted their price target on shares of Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and a consensus target price of $368.83.

Eaton Price Performance

ETN opened at $342.58 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The business has a fifty day moving average of $354.67 and a 200 day moving average of $328.10. Eaton has a 52-week low of $233.73 and a 52-week high of $379.99. The stock has a market cap of $135.39 billion, a P/E ratio of 36.44, a PEG ratio of 2.74 and a beta of 1.03.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. During the same period in the prior year, the business posted $2.47 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Eaton will post 10.8 EPS for the current year.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This represents a 10.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the sale, the director now directly owns 43,203 shares of the company’s stock, valued at approximately $15,379,403.94. This represents a 18.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 76,981 shares of company stock worth $27,660,117. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

Hedge funds and other institutional investors have recently bought and sold shares of the business. Breakwater Investment Management raised its holdings in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the last quarter. Groupama Asset Managment grew its position in Eaton by 83.2% during the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 4,298 shares during the period. LGT Financial Advisors LLC purchased a new position in shares of Eaton during the 2nd quarter valued at about $33,000. Morse Asset Management Inc acquired a new position in shares of Eaton in the 3rd quarter valued at about $33,000. Finally, West Financial Advisors LLC purchased a new stake in shares of Eaton in the third quarter worth about $35,000. 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.