Eaton (NYSE:ETN) Coverage Initiated at Raymond James

Research analysts at Raymond James assumed coverage on shares of Eaton (NYSE:ETN) in a research report issued on Friday, MarketBeat reports. The brokerage set an “outperform” rating and a $375.00 price target on the industrial products company’s stock. Raymond James’ target price suggests a potential upside of 19.60% from the company’s current price.

ETN has been the topic of a number of other reports. Mizuho reissued a “buy” rating and issued a $355.00 price objective (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. JPMorgan Chase & Co. boosted their price objective on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Berenberg Bank upped their price target on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Argus upped their price target on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Finally, Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $250.00 to $300.00 in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $318.06.

Eaton Trading Down 0.1 %

NYSE ETN opened at $313.55 on Friday. The firm has a market capitalization of $125.36 billion, a PE ratio of 37.02, a price-to-earnings-growth ratio of 2.63 and a beta of 1.04. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. The business’s 50-day moving average price is $325.35 and its two-hundred day moving average price is $292.72. Eaton has a 12 month low of $191.82 and a 12 month high of $345.19.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The company had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.88 EPS. On average, analysts expect that Eaton will post 10.56 EPS for the current year.

Insider Transactions at Eaton

In other news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.53% of the company’s stock.

Institutional Trading of Eaton

A number of large investors have recently added to or reduced their stakes in ETN. Norges Bank purchased a new stake in shares of Eaton during the 4th quarter worth approximately $1,087,983,000. Capital World Investors raised its stake in shares of Eaton by 323.8% in the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after buying an additional 2,439,270 shares during the period. Jennison Associates LLC lifted its position in shares of Eaton by 2,857.4% during the 1st quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after buying an additional 1,219,790 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in Eaton by 2,006.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock worth $232,326,000 after acquiring an additional 918,936 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its holdings in Eaton by 207.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 970,426 shares of the industrial products company’s stock worth $233,698,000 after acquiring an additional 654,855 shares during the last quarter. Hedge funds and other 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.