Eaton (NYSE:ETN) Stock Rating Upgraded by StockNews.com

Eaton (NYSE:ETN) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Sunday.

A number of other equities analysts have also weighed in on the company. KeyCorp boosted their target price on Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Morgan Stanley decreased their target price on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Citigroup boosted their target price on Eaton from $323.00 to $351.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Barclays decreased their target price on Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a research report on Friday, April 4th. Finally, Jefferies Financial Group lowered their price objective on shares of Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $367.83.

Eaton Stock Performance

Shares of Eaton stock opened at $329.34 on Friday. The stock has a market cap of $128.87 billion, a price-to-earnings ratio of 34.67, a PEG ratio of 2.64 and a beta of 1.14. The firm’s 50-day moving average is $288.15 and its 200 day moving average is $319.43. Eaton has a 1 year low of $231.85 and a 1 year high of $379.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The company had revenue of $6.38 billion for the quarter, compared to analysts’ expectations of $6.26 billion. During the same quarter in the previous year, the business posted $2.40 EPS. Eaton’s revenue was up 7.3% compared to the same quarter last year. Sell-side analysts anticipate that Eaton will post 12.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the sale, the insider now directly owns 490,208 shares of the company’s stock, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the sale, the insider now directly owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,660 shares of company stock worth $49,622,894. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Eaton

A number of institutional investors have recently added to or reduced their stakes in ETN. Lighthouse Wealth Management Inc. purchased a new position in shares of Eaton in the fourth quarter valued at $297,000. Bearing Point Capital LLC purchased a new position in shares of Eaton in the fourth quarter valued at $2,713,000. Webster Bank N. A. grew its holdings in shares of Eaton by 52.4% in the fourth quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock valued at $5,949,000 after purchasing an additional 6,166 shares in the last quarter. Ballentine Partners LLC grew its holdings in shares of Eaton by 9.3% in the fourth quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock valued at $3,072,000 after purchasing an additional 790 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Eaton by 13.2% in the fourth quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock valued at $4,804,000 after purchasing an additional 1,694 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

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.