Citigroup Issues Positive Forecast for Eaton (NYSE:ETN) Stock Price

Eaton (NYSE:ETN) had its price target boosted by equities researchers at Citigroup from $394.00 to $440.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Citigroup’s price objective would indicate a potential upside of 20.21% from the company’s previous close.

Several other brokerages also recently commented on ETN. Sanford C. Bernstein initiated coverage on shares of Eaton in a report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 target price for the company. UBS Group initiated coverage on shares of Eaton in a report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 target price for the company. Bank of America increased their target price on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Raymond James reduced their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $374.00 price target on shares of Eaton in a research report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus price target of $367.83.

Eaton Trading Down 1.4 %

Shares of NYSE:ETN traded down $5.18 during trading on Monday, reaching $366.04. The stock had a trading volume of 1,288,475 shares, compared to its average volume of 2,084,461. The firm’s fifty day moving average is $352.74 and its 200 day moving average is $325.81. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. Eaton has a 52 week low of $231.84 and a 52 week high of $379.99. The stock has a market cap of $144.66 billion, a price-to-earnings ratio of 38.94, a P/E/G ratio of 2.81 and a beta of 1.03.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. Eaton’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.47 earnings per share. As a group, equities analysts forecast that Eaton will post 10.8 EPS for the current fiscal year.

Insider Transactions at Eaton

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,981 shares of company stock valued at $24,100,317 in the last quarter. 0.33% of the stock is owned by insiders.

Institutional Trading of Eaton

A number of hedge funds and other institutional investors have recently modified their holdings of ETN. Interval Partners LP boosted its stake in Eaton by 82.7% in the 2nd quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock worth $47,571,000 after purchasing an additional 68,693 shares during the period. Scientech Research LLC lifted its stake in shares of Eaton by 285.5% during the 2nd quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock worth $1,801,000 after acquiring an additional 4,254 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its position in Eaton by 25.9% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock valued at $8,657,000 after purchasing an additional 5,676 shares in the last quarter. Leavell Investment Management Inc. raised its position in shares of Eaton by 67.6% in the 2nd quarter. Leavell Investment Management Inc. now owns 8,556 shares of the industrial products company’s stock worth $2,683,000 after acquiring an additional 3,452 shares in the last quarter. Finally, SteelPeak Wealth LLC purchased a new position in Eaton during the 2nd quarter worth $526,000. 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.