Eaton (NYSE:ETN) Price Target Raised to $415.00

Key Points

• Raymond James Financial has increased Eaton's target price from $380.00 to $415.00, suggesting a potential upside of 17.05% from its current price.
• The stock currently has an average rating of "Moderate Buy" and an average price target of $383.63, with 14 analysts issuing buy ratings.
• Eaton's recent quarterly earnings showed a 10.7% revenue growth year-over-year, reporting $2.95 earnings per share which beats the estimate of $2.92.

Eaton (NYSE:ETN - Get Free Report) had its target price increased by analysts at Raymond James Financial from $380.00 to $415.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the industrial products company's stock. Raymond James Financial's price target indicates a potential upside of 17.05% from the company's current price.

A number of other brokerages have also issued reports on ETN. BNP Paribas started coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. Morgan Stanley lifted their target price on Eaton from $375.00 to $425.00 and gave the company an "overweight" rating in a research report on Wednesday. KeyCorp boosted their price objective on shares of Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. BNP Paribas Exane initiated coverage on shares of Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target on the stock. Finally, Sanford C. Bernstein reissued an "outperform" rating and issued a $396.00 price objective on shares of Eaton in a research report on Monday, July 14th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $383.63.

Eaton Trading Down 1.0%

Shares of ETN opened at $354.54 on Thursday. Eaton has a fifty-two week low of $231.85 and a fifty-two week high of $399.56. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.24. The company's fifty day moving average is $353.44 and its 200 day moving average is $318.25. The stock has a market capitalization of $138.73 billion, a PE ratio of 35.71, a P/E/G ratio of 2.69 and a beta of 1.18.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.03. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the prior year, the firm posted $2.73 EPS. Eaton's quarterly revenue was up 10.7% compared to the same quarter last year. Sell-side analysts expect that Eaton will post 12.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Eaton news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Eaton

A number of hedge funds have recently modified their holdings of ETN. Brighton Jones LLC grew its position in Eaton by 1.4% in the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock worth $1,109,000 after acquiring an additional 45 shares during the period. Revolve Wealth Partners LLC raised its holdings in Eaton by 17.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock valued at $303,000 after buying an additional 136 shares during the period. Bank Pictet & Cie Europe AG acquired a new position in Eaton in the fourth quarter valued at about $42,839,000. Dynamic Technology Lab Private Ltd purchased a new position in Eaton during the fourth quarter worth about $233,000. Finally, FIL Ltd raised its stake in shares of Eaton by 210.2% in the 4th quarter. FIL Ltd now owns 95,086 shares of the industrial products company's stock valued at $31,556,000 after acquiring an additional 64,434 shares during the period. Hedge funds and other institutional investors 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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