Eaton (NYSE:ETN) Earns Buy Rating from Analysts at UBS Group

Equities research analysts at UBS Group began coverage on shares of Eaton (NYSE:ETN) in a report issued on Wednesday, MarketBeat.com reports. The firm set a “buy” rating and a $431.00 price target on the industrial products company’s stock. UBS Group’s price objective indicates a potential upside of 19.90% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Sanford C. Bernstein began coverage on Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Morgan Stanley began coverage on Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target on the stock. Raymond James cut their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Mizuho lifted their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Wells Fargo & Company boosted their target price on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

Eaton Stock Performance

ETN stock traded down $2.38 during midday trading on Wednesday, reaching $359.48. The company had a trading volume of 389,913 shares, compared to its average volume of 2,104,470. 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 stock has a 50 day moving average price of $334.34 and a 200 day moving average price of $321.13. Eaton has a fifty-two week low of $224.52 and a fifty-two week high of $373.49. The firm has a market capitalization of $142.07 billion, a PE ratio of 38.34, a P/E/G ratio of 2.96 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.47 earnings per share. Analysts anticipate that Eaton will post 10.79 earnings per share for the current year.

Insider Buying and Selling at Eaton

In other Eaton news, insider Michael Yelton sold 3,136 shares of the business’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 directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. The trade was a 44.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karenann K. Terrell bought 500 shares of the business’s stock in a transaction on 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 completion of the purchase, the director now owns 500 shares in the company, valued at approximately $149,485. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 68,705 shares of company stock valued at $24,516,346 in the last three months. 0.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eaton

A number of hedge funds have recently modified their holdings of ETN. Capital World Investors increased 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 worth $998,255,000 after acquiring an additional 2,439,270 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Eaton by 253.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock worth $753,590,000 after acquiring an additional 1,629,856 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Eaton by 27,075.5% in the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after acquiring an additional 1,070,024 shares during the last quarter. Swedbank AB acquired a new position in Eaton during the second quarter worth $225,974,000. Finally, Assenagon Asset Management S.A. increased its position in Eaton by 1,604.4% during the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after buying an additional 634,059 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

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.