Barclays Increases Eaton (NYSE:ETN) Price Target to $323.00

Eaton (NYSE:ETN) had its price target lifted by stock analysts at Barclays from $306.00 to $323.00 in a report issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the industrial products company’s stock. Barclays‘s price target would suggest a potential downside of 0.41% from the company’s current price.

ETN has been the subject of a number of other reports. Wall Street Zen raised Eaton from a “hold” rating to a “buy” rating in a research note on Sunday, May 18th. KeyCorp raised their price objective on shares of Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. Evercore ISI raised their price objective on shares of Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a research report on Monday, May 19th. BNP Paribas Exane started coverage on shares of Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price objective on the stock. Finally, BNP Paribas started coverage on shares of Eaton in a report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and an average target price of $368.78.

Eaton Stock Down 0.5%

Shares of Eaton stock opened at $324.33 on Monday. The stock has a 50-day moving average price of $300.21 and a 200 day moving average price of $315.65. The company has a market cap of $126.91 billion, a P/E ratio of 34.14, a P/E/G ratio of 2.64 and a beta of 1.16. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton has a 1 year low of $231.85 and a 1 year high of $379.99.

Eaton (NYSE:ETN) last posted 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 business had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same period in the prior year, the firm earned $2.40 earnings per share. The firm’s revenue was up 7.3% compared to the same quarter last year. As a group, analysts expect that Eaton will post 12.02 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael Yelton sold 2,120 shares of the business’s stock in a transaction 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 transaction, the insider now owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Craig Arnold sold 51,054 shares of the business’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the transaction, the insider now owns 489,444 shares in the company, valued at approximately $149,490,880.92. The trade was a 9.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 156,660 shares of company stock valued at $49,622,894 in the last three months. Company insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several institutional investors and hedge funds have recently added to or reduced their stakes in ETN. Vanguard Group Inc. increased its stake in Eaton by 0.8% in the first quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company’s stock valued at $10,195,725,000 after acquiring an additional 289,819 shares during the period. FMR LLC grew its holdings in shares of Eaton by 1.2% during the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock worth $5,051,807,000 after purchasing an additional 182,455 shares during the last quarter. Geode Capital Management LLC grew its holdings in Eaton by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock worth $2,714,677,000 after acquiring an additional 129,071 shares during the last quarter. Nuveen LLC bought a new position in Eaton during the first quarter worth about $1,472,231,000. Finally, Nuveen Asset Management LLC boosted its stake in Eaton by 4.3% in the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock worth $1,550,226,000 after purchasing an additional 192,482 shares during the period. 82.97% of the stock is currently owned by 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.