Citigroup Begins Coverage on Eaton (NYSE:ETN)

Equities researchers at Citigroup initiated coverage on shares of Eaton (NYSE:ETN) in a research note issued to investors on Monday, Briefing.com reports. The brokerage set a “buy” rating and a $348.00 price target on the industrial products company’s stock. Citigroup’s target price would suggest a potential upside of 13.80% from the company’s previous close.

A number of other brokerages have also weighed in on ETN. Jefferies Financial Group boosted their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Raymond James cut their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Morgan Stanley started coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price on the stock. Finally, Evercore ISI lowered their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $337.41.

Eaton Stock Up 0.8 %

NYSE:ETN opened at $305.80 on Monday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The stock has a market capitalization of $122.26 billion, a P/E ratio of 36.10, a P/E/G ratio of 2.28 and a beta of 1.01. The company’s 50-day simple moving average is $300.56 and its 200-day simple moving average is $311.83. Eaton has a fifty-two week low of $191.82 and a fifty-two week high of $345.19.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. On average, equities analysts anticipate that Eaton will post 10.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Eaton news, Director Karenann K. Terrell bought 500 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the transaction, the director now directly owns 500 shares of the company’s stock, valued at $149,485. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Karenann K. Terrell purchased 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were purchased at an average price of $298.97 per share, with a total value of $149,485.00. Following the purchase, the director now owns 500 shares of the company’s stock, valued at $149,485. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,511 shares of company stock worth $15,809,326. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

Several large investors have recently bought and sold shares of ETN. Newbridge Financial Services Group Inc. increased its position in shares of Eaton by 90.3% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,311 shares of the industrial products company’s stock worth $411,000 after purchasing an additional 622 shares in the last quarter. SS&H Financial Advisors Inc. purchased a new stake in shares of Eaton during the second quarter worth $419,000. Heritage Wealth Management Inc. acquired a new stake in shares of Eaton in the second quarter valued at about $3,263,000. Sanctuary Advisors LLC purchased a new position in shares of Eaton in the second quarter worth about $27,653,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Eaton during the second quarter worth about $182,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

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.