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

Eaton (NYSE:ETN) had its price target raised by research analysts at Argus from $290.00 to $350.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Argus’ price target points to a potential upside of 12.91% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Bank of America raised their price target on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Wolfe Research reaffirmed an “underperform” rating and set a $312.00 price objective on shares of Eaton in a research note on Monday, April 8th. The Goldman Sachs Group raised their price objective on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, Evercore ISI raised their price objective on shares of Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $309.60.

Eaton Stock Down 0.7 %

Shares of ETN stock traded down $2.05 during mid-day trading on Thursday, hitting $309.98. 1,237,676 shares of the stock traded hands, compared to its average volume of 2,016,149. The stock has a market cap of $123.84 billion, a P/E ratio of 36.42, a P/E/G ratio of 2.63 and a beta of 1.06. 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’s fifty day moving average is $307.35 and its two-hundred day moving average is $260.80. Eaton has a 52-week low of $165.24 and a 52-week high of $333.05.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating the consensus estimate of $2.28 by $0.12. The firm had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. Eaton’s revenue was up 8.4% on a year-over-year basis. During the same period last year, the firm posted $1.88 EPS. Equities analysts predict that Eaton will post 10.33 EPS for the current year.

Insider Activity at Eaton

In other Eaton news, insider Peter Denk sold 1,731 shares of Eaton stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the transaction, the insider now directly owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the transaction, the insider now directly owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the sale, the insider now owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,969 shares of company stock worth $10,904,774. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ritholtz Wealth Management raised its stake in shares of Eaton by 5.1% during the fourth quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock worth $1,379,000 after purchasing an additional 277 shares during the last quarter. Pinnbrook Capital Management LP purchased a new position in Eaton in the fourth quarter worth $15,109,000. Pacer Advisors Inc. raised its position in Eaton by 30.5% in the fourth quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock worth $8,205,000 after acquiring an additional 7,964 shares in the last quarter. Chicago Capital LLC purchased a new position in Eaton in the fourth quarter worth $2,958,000. Finally, Neo Ivy Capital Management purchased a new position in Eaton in the third quarter worth $479,000. Hedge funds and other 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.