Wall Street Zen Upgrades Eaton (NYSE:ETN) to "Buy"

Eaton (NYSE:ETN - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

A number of other analysts also recently issued reports on the company. KeyCorp raised their target price on Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Barclays raised their price objective on shares of Eaton from $306.00 to $323.00 and gave the stock an "equal weight" rating in a research report on Monday, June 9th. 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 target price on the stock. Jefferies Financial Group cut their price target on shares of Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Finally, Royal Bank Of Canada increased their price objective on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $369.06.

Eaton Stock Up 1.1%

NYSE ETN opened at $361.98 on Friday. The business has a fifty day moving average price of $326.36 and a 200 day moving average price of $312.94. 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 $141.64 billion, a P/E ratio of 36.53, a P/E/G ratio of 2.73 and a beta of 1.17. Eaton has a one year low of $231.85 and a one year high of $379.99.

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

Insiders Place Their Bets

In other news, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the sale, the insider directly owned 3,382 shares of the company's stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were 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 of the company's stock, valued at $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. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 over the last 90 days. Company insiders own 0.30% of the company's stock.

Institutional Trading of Eaton

Institutional investors and hedge funds have recently bought and sold shares of the business. Park National Corp OH increased its stake in Eaton by 2.0% in the second quarter. Park National Corp OH now owns 2,781 shares of the industrial products company's stock valued at $993,000 after purchasing an additional 54 shares during the period. Harbor Investment Advisory LLC increased its stake in Eaton by 16.2% in the 2nd quarter. Harbor Investment Advisory LLC now owns 5,249 shares of the industrial products company's stock valued at $1,874,000 after buying an additional 730 shares during the period. Cullen Investment Group LTD. raised its position in Eaton by 2.0% during the 2nd quarter. Cullen Investment Group LTD. now owns 73,260 shares of the industrial products company's stock worth $26,153,000 after buying an additional 1,468 shares during the last quarter. Howe & Rusling Inc. purchased a new position in Eaton during the first quarter worth about $236,000. Finally, Peterson Wealth Management purchased a new stake in Eaton in the 1st quarter valued at approximately $363,000. 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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