Eaton (NYSE:ETN) Price Target Raised to $425.00 at Citigroup

Key Points

• Citigroup has raised Eaton's price target from $420.00 to $425.00, maintaining a "buy" rating, indicating a potential upside of 18.38% from its current price.
• The consensus rating for Eaton is "Moderate Buy", with analysts projecting an average price target of $381.00.
• Recently, insider Craig Arnold sold 103,486 shares at an average price of $322.75, reducing his ownership by 17.43%.

Eaton (NYSE:ETN - Get Free Report) had its target price lifted by equities research analysts at Citigroup from $420.00 to $425.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the industrial products company's stock. Citigroup's price target suggests a potential upside of 18.38% from the company's current price.

Other analysts have also issued reports about the company. Barclays boosted their target price on Eaton from $340.00 to $344.00 and gave the company an "equal weight" rating in a research report on Wednesday. KeyCorp lifted their price target on Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. BNP Paribas initiated coverage on Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target for the company. Wells Fargo & Company lifted their price target on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Finally, Wall Street Zen downgraded Eaton from a "buy" rating to a "hold" rating in a research note on Saturday. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, Eaton presently has a consensus rating of "Moderate Buy" and a consensus price target of $381.00.

Eaton Trading Up 0.7%

Shares of ETN stock traded up $2.56 during mid-day trading on Wednesday, hitting $359.01. The company's stock had a trading volume of 4,506,550 shares, compared to its average volume of 3,087,675. The company's fifty day simple moving average is $352.77 and its 200-day simple moving average is $317.96. Eaton has a 52 week low of $231.85 and a 52 week high of $399.56. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The company has a market cap of $140.48 billion, a PE ratio of 36.23, a P/E/G ratio of 2.90 and a beta of 1.18.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.03. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same period last year, the company posted $2.73 EPS. The business's quarterly revenue was up 10.7% on a year-over-year basis. As a group, equities research 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 stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the sale, the insider owned 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Eaton

Institutional investors have recently made changes to their positions in the stock. IMA Advisory Services Inc. purchased a new stake in shares of Eaton during the first quarter worth $25,000. Capital A Wealth Management LLC purchased a new stake in shares of Eaton during the fourth quarter worth $26,000. Creative Financial Designs Inc. ADV lifted its position in shares of Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after acquiring an additional 51 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new stake in shares of Eaton during the fourth quarter worth $33,000. Finally, Abound Wealth Management increased its holdings in shares of Eaton by 73.8% in the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after purchasing an additional 62 shares during the period. Hedge funds and other institutional investors 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.

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