Eaton (NYSE:ETN) Price Target Raised to $327.00

Eaton (NYSE:ETN) had its price objective raised by analysts at Barclays from $319.00 to $327.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Barclays‘s target price suggests a potential downside of 0.64% from the stock’s previous close.

A number of other analysts have also commented on ETN. Morgan Stanley began coverage on Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Citigroup started coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Royal Bank of Canada decreased their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Evercore ISI cut their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Finally, Jefferies Financial Group boosted their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $337.88.

Eaton Stock Up 0.5 %

Shares of NYSE ETN traded up $1.54 during mid-day trading on Wednesday, reaching $329.12. 546,222 shares of the company traded hands, compared to its average volume of 2,167,843. The company’s fifty day moving average is $301.36 and its two-hundred day moving average is $314.25. Eaton has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The stock has a market cap of $131.58 billion, a PE ratio of 38.77, a price-to-earnings-growth ratio of 2.53 and a beta of 1.01. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. On average, analysts expect that Eaton will post 10.75 earnings per share for the current year.

Insider Buying and Selling at Eaton

In related news, Director Dorothy C. Thompson bought 2,205 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the sale, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,511 shares of company stock worth $15,809,326. Insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ETN. Norden Group LLC acquired a new stake in Eaton during the first quarter worth about $2,176,000. Griffin Asset Management Inc. acquired a new stake in shares of Eaton during the 1st quarter worth about $813,000. IAM Advisory LLC purchased a new position in Eaton in the second quarter valued at approximately $599,000. Envestnet Portfolio Solutions Inc. grew its position in shares of Eaton by 19.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 78,725 shares of the industrial products company’s stock worth $24,616,000 after buying an additional 12,689 shares in the last quarter. Finally, Empowered Funds LLC boosted its holdings in Eaton by 302.4% in the first quarter. Empowered Funds LLC now owns 23,273 shares of the industrial products company’s stock worth $7,277,000 after purchasing an additional 17,490 shares during the period. Institutional investors and hedge funds 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.