Bank of America Increases Eaton (NYSE:ETN) Price Target to $410.00

Eaton (NYSE:ETN) had its price target hoisted by stock analysts at Bank of America from $350.00 to $410.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price target suggests a potential upside of 13.31% from the company’s current price.

Several other equities analysts also recently issued reports on the stock. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Wells Fargo & Company increased their price target on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Citigroup began coverage on Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective for the company. Mizuho increased their target price on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and lifted their price target for the company from $333.00 to $389.00 in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $357.83.

Eaton Stock Performance

NYSE ETN opened at $361.85 on Wednesday. The stock has a market cap of $143.00 billion, a P/E ratio of 38.49, a PEG ratio of 2.96 and a beta of 1.01. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton has a twelve month low of $224.52 and a twelve month high of $373.49. The company’s 50-day simple moving average is $332.81 and its 200 day simple moving average is $320.84.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter last year, the company earned $2.47 EPS. Eaton’s revenue was up 7.9% on a year-over-year basis. As a group, research analysts forecast that Eaton will post 10.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Dorothy C. Thompson acquired 2,205 shares of Eaton stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karenann K. Terrell purchased 500 shares of Eaton stock in a transaction on Wednesday, August 21st. The shares were purchased at an average cost of $298.97 per share, with a total value of $149,485.00. Following the transaction, the director now owns 500 shares in the company, valued at approximately $149,485. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 68,705 shares of company stock valued at $24,516,346. 0.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eaton

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. IAM Advisory LLC acquired a new position in Eaton during the second quarter worth $599,000. Interval Partners LP increased its stake in shares of Eaton by 82.7% during 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 last quarter. Scientech Research LLC raised its holdings in shares of Eaton by 285.5% in the 2nd quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock valued at $1,801,000 after purchasing an additional 4,254 shares during the period. Prevail Innovative Wealth Advisors LLC acquired a new stake in Eaton in the 1st quarter valued at about $1,758,000. Finally, B. Riley Wealth Advisors Inc. grew its holdings in Eaton by 25.9% during the second quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock worth $8,657,000 after purchasing an additional 5,676 shares during the period. 82.97% of the stock is 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.