Eaton (NYSE:ETN) PT Raised to $350.00 at Argus

Eaton (NYSE:ETN) had its target price boosted by Argus from $290.00 to $350.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Argus’ price target would indicate a potential upside of 9.20% from the stock’s previous close.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group lifted their target price on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Mizuho reiterated a “buy” rating and set a $355.00 target price (up from $340.00) on shares of Eaton in a research note on Wednesday. Evercore ISI lifted their target price on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Berenberg Bank lifted their target price on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Finally, JPMorgan Chase & Co. lifted their target price on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $314.27.

Eaton Stock Up 2.0 %

ETN stock traded up $6.15 during mid-day trading on Thursday, reaching $320.50. The company had a trading volume of 1,769,790 shares, compared to its average volume of 2,741,837. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.02. The stock has a 50 day simple moving average of $308.68 and a two-hundred day simple moving average of $261.94. The company has a market capitalization of $128.14 billion, a price-to-earnings ratio of 37.84, a PEG ratio of 2.49 and a beta of 1.06. Eaton has a 52 week low of $165.24 and a 52 week high of $333.05.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The firm had revenue of $5.94 billion during 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 business’s revenue was up 8.4% compared to the same quarter last year. During the same period last year, the company earned $1.88 earnings per share. As a group, equities analysts predict that Eaton will post 10.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Eaton

In other news, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the completion of the transaction, the insider now owns 630 shares of the company’s stock, valued at approximately $171,360. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total transaction of $500,207.07. Following the sale, the insider now owns 5,514 shares in the company, valued at approximately $1,593,380.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the sale, the insider now owns 630 shares in the company, valued at approximately $171,360. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock valued at $10,904,774 in the last three months. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tennessee Valley Asset Management Partners bought a new stake in shares of Eaton in the 4th quarter valued at about $25,000. LifeSteps Financial Inc. bought a new stake in shares of Eaton in the 1st quarter valued at about $25,000. Atwood & Palmer Inc. grew its position in shares of Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after buying an additional 50 shares during the last quarter. Clear Investment Research LLC bought a new stake in shares of Eaton in the 4th quarter valued at about $29,000. Finally, Redmont Wealth Advisors LLC bought a new stake in shares of Eaton in the 1st quarter valued at about $33,000. 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.