Eaton (NYSE:ETN) Stock Price Expected to Rise, Evercore ISI Analyst Says

Eaton (NYSE:ETN) had its price target hoisted by equities research analysts at Evercore ISI from $326.00 to $349.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “in-line” rating on the industrial products company’s stock. Evercore ISI’s price target suggests a potential upside of 6.42% from the stock’s current price.

ETN has been the topic of several other reports. Melius lowered Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price on the stock. in a report on Tuesday, January 28th. Morgan Stanley cut their target price on Eaton from $385.00 to $375.00 and set an “overweight” rating on the stock in a report on Tuesday, May 6th. BNP Paribas started coverage on Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective on the stock. KeyCorp lifted their price objective on Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Finally, StockNews.com upgraded Eaton from a “hold” rating to a “buy” rating in a research note on Sunday. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $367.83.

Eaton Price Performance

Shares of NYSE:ETN opened at $327.96 on Monday. 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. The business has a fifty day simple moving average of $289.04 and a 200 day simple moving average of $319.49. The firm has a market cap of $128.33 billion, a price-to-earnings ratio of 34.52, a P/E/G ratio of 2.64 and a beta of 1.14.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The business had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same period last year, the company earned $2.40 earnings per share. Eaton’s quarterly revenue was up 7.3% compared to the same quarter last year. As a group, sell-side analysts predict that Eaton will post 12.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Eaton

In other news, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider now owns 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the transaction, the insider now owns 490,208 shares of the company’s stock, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. IMA Advisory Services Inc. acquired a new position in Eaton during the 1st quarter worth $25,000. Capital A Wealth Management LLC acquired a new position in Eaton during the 4th quarter worth $26,000. Flagship Wealth Advisors LLC acquired a new position in Eaton during the 4th quarter worth $27,000. Creative Financial Designs Inc. ADV lifted its holdings in Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company’s stock worth $27,000 after buying an additional 51 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new position in Eaton during the 4th quarter worth $30,000. Institutional investors and hedge funds 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.