Eaton Corporation, PLC (ETN) Stock Rating Upgraded by ValuEngine

Eaton Corporation, PLC (NYSE:ETN) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Friday.

Several other brokerages have also commented on ETN. Royal Bank Of Canada reiterated a “hold” rating and issued a $78.00 price target on shares of Eaton Corporation, PLC in a research note on Wednesday, July 12th. Wolfe Research began coverage on shares of Eaton Corporation, PLC in a research note on Tuesday, July 11th. They issued a “market perform” rating on the stock. Stifel Nicolaus reiterated a “hold” rating and issued a $80.00 price target on shares of Eaton Corporation, PLC in a research note on Friday, July 7th. BidaskClub lowered shares of Eaton Corporation, PLC from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Zacks Investment Research lowered shares of Eaton Corporation, PLC from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $79.67.

Shares of Eaton Corporation, PLC (NYSE ETN) opened at 76.91 on Friday. The firm has a market capitalization of $34.21 billion, a PE ratio of 17.63 and a beta of 1.36. The company has a 50-day moving average of $72.83 and a 200-day moving average of $75.20. Eaton Corporation, PLC has a 1-year low of $59.07 and a 1-year high of $81.63.

Eaton Corporation, PLC (NYSE:ETN) last announced its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $1.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by ($0.01). The company had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Eaton Corporation, PLC had a net margin of 9.95% and a return on equity of 12.93%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 earnings per share. Equities research analysts predict that Eaton Corporation, PLC will post $4.61 EPS for the current fiscal year.

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In related news, Director Deborah L. Mccoy sold 6,450 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $73.17, for a total transaction of $471,946.50. Following the completion of the sale, the director now directly owns 46,386 shares of the company’s stock, valued at $3,394,063.62. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.80% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of ETN. BlackRock Inc. lifted its holdings in shares of Eaton Corporation, PLC by 2,830.8% during the first quarter. BlackRock Inc. now owns 29,114,265 shares of the industrial products company’s stock worth $2,158,821,000 after purchasing an additional 28,120,890 shares during the period. Boston Partners lifted its holdings in shares of Eaton Corporation, PLC by 286.0% during the first quarter. Boston Partners now owns 7,227,300 shares of the industrial products company’s stock worth $535,904,000 after purchasing an additional 5,354,998 shares during the period. Bank of America Corp DE lifted its holdings in shares of Eaton Corporation, PLC by 17.0% during the first quarter. Bank of America Corp DE now owns 6,407,605 shares of the industrial products company’s stock worth $475,123,000 after purchasing an additional 932,400 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Eaton Corporation, PLC by 2.4% during the first quarter. Wellington Management Group LLP now owns 37,607,505 shares of the industrial products company’s stock worth $2,788,596,000 after purchasing an additional 875,616 shares during the period. Finally, FMR LLC raised its position in Eaton Corporation, PLC by 9.5% in the first quarter. FMR LLC now owns 9,180,438 shares of the industrial products company’s stock worth $680,729,000 after acquiring an additional 794,975 shares in the last quarter. 75.86% of the stock is owned by hedge funds and other institutional investors.

About Eaton Corporation, PLC

Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.

Analyst Recommendations for Eaton Corporation, PLC (NYSE:ETN)

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