Eaton (NYSE:ETN) Coverage Initiated at Raymond James

Stock analysts at Raymond James began coverage on shares of Eaton (NYSE:ETN) in a research report issued to clients and investors on Friday, MarketBeat reports. The firm set an “outperform” rating and a $375.00 price target on the industrial products company’s stock. Raymond James’ price objective indicates a potential upside of 19.60% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $286.00 to $371.00 in a report on Friday, April 5th. HSBC increased their target price on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. The Goldman Sachs Group raised their price target on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a report on Friday, March 15th. JPMorgan Chase & Co. raised their price target on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Finally, Berenberg Bank raised their price target on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $318.06.

Eaton Stock Performance

Shares of NYSE:ETN opened at $313.55 on Friday. The business’s fifty day moving average price is $325.35 and its two-hundred day moving average price is $292.72. Eaton has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The stock has a market capitalization of $125.36 billion, a price-to-earnings ratio of 37.02, a price-to-earnings-growth ratio of 2.63 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.28 by $0.12. The company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.88 earnings per share. As a group, analysts predict that Eaton will post 10.56 EPS for the current fiscal year.

Insider Transactions at Eaton

In other news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the sale, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eaton

A number of hedge funds have recently modified their holdings of the business. Tennessee Valley Asset Management Partners bought a new position in shares of Eaton during the fourth quarter worth about $25,000. LifeSteps Financial Inc. bought a new position in shares of Eaton during the first quarter worth about $25,000. Atwood & Palmer Inc. grew its holdings in shares of Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after buying an additional 50 shares in the last quarter. Clear Investment Research LLC bought a new position in shares of Eaton during the fourth quarter worth about $29,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Eaton during the first quarter worth about $33,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Company Profile

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.