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

Eaton (NYSE:ETN - Get Free Report) had its price objective upped by investment analysts at Barclays from $323.00 to $340.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the industrial products company's stock. Barclays's target price indicates a potential downside of 5.02% from the stock's previous close.

Several other analysts have also recently commented on the company. BNP Paribas started coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target for the company. Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a report on Saturday. Morgan Stanley reduced their price target on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. KeyCorp lifted their price objective on Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Finally, The Goldman Sachs Group lifted their price objective on Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a report on Tuesday. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Eaton currently has a consensus rating of "Moderate Buy" and an average target price of $370.63.

Eaton Stock Performance

Shares of ETN stock traded up $0.99 during midday trading on Wednesday, hitting $357.97. The company had a trading volume of 286,901 shares, compared to its average volume of 2,658,202. The company's 50 day simple moving average is $329.10 and its 200 day simple moving average is $313.08. Eaton has a 52-week low of $231.85 and a 52-week high of $379.99. The stock has a market cap of $140.07 billion, a price-to-earnings ratio of 36.08, a PEG ratio of 2.70 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84.

Eaton (NYSE:ETN - Get Free Report) last announced its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company's revenue was up 7.3% on a year-over-year basis. During the same period last year, the business posted $2.40 EPS. Research analysts anticipate that Eaton will post 12.02 earnings per share for the current fiscal year.

Insider Transactions at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider owned 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Craig Arnold sold 103,486 shares of the business's 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 sale, the insider owned 490,208 shares of the company's stock, valued at approximately $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eaton

Large investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its holdings in Eaton by 0.7% during the 1st quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock valued at $3,593,000 after purchasing an additional 96 shares in the last quarter. Bearing Point Capital LLC acquired a new stake in Eaton during the 4th quarter valued at $2,713,000. Brighton Jones LLC grew its holdings in Eaton by 4.9% during the 1st quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock valued at $953,000 after purchasing an additional 164 shares in the last quarter. Kennebec Savings Bank grew its holdings in Eaton by 5.4% during the 1st quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after purchasing an additional 139 shares in the last quarter. Finally, American National Bank & Trust grew its holdings in Eaton by 5.4% during the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock valued at $855,000 after purchasing an additional 162 shares in the last quarter. 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.

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