Eaton (NYSE:ETN) Rating Reiterated by Mizuho

Eaton (NYSE:ETN)‘s stock had its “buy” rating restated by Mizuho in a research report issued on Wednesday, Benzinga reports. They currently have a $355.00 price target on the industrial products company’s stock, up from their prior price target of $340.00. Mizuho’s target price indicates a potential upside of 10.76% from the stock’s previous close.

A number of other brokerages have also commented on ETN. UBS Group upped their target price on Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Bank of America upped their price objective on shares of Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a report on Monday, March 18th. Berenberg Bank raised their target price on shares of Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Citigroup upped their price target on shares of Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Finally, Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $314.27.

Eaton Stock Up 2.0 %

NYSE:ETN traded up $6.15 during midday trading on Wednesday, reaching $320.50. 1,764,701 shares of the stock traded hands, compared to its average volume of 2,036,619. The business has a 50-day moving average of $307.97 and a two-hundred day moving average of $261.18. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.02 and a current ratio of 1.56. Eaton has a 12-month low of $165.24 and a 12-month high of $333.05. The stock has a market capitalization of $128.14 billion, a PE ratio of 37.84, a price-to-earnings-growth ratio of 2.55 and a beta of 1.06.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.28 by $0.12. The firm had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.88 earnings per share. On average, equities analysts forecast that Eaton will post 10.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the sale, the insider now directly owns 630 shares in the company, valued at approximately $171,360. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Eaton news, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the transaction, the insider now directly owns 630 shares of the company’s stock, valued at $171,360. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the sale, the insider now directly owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,969 shares of company stock worth $10,904,774. 0.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eaton

A number of institutional investors and hedge funds have recently made changes to their positions in ETN. Vanguard Group Inc. lifted its stake in Eaton by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after purchasing an additional 259,615 shares in the last quarter. FMR LLC raised its holdings in shares of Eaton by 36.0% in the 3rd quarter. FMR LLC now owns 19,921,979 shares of the industrial products company’s stock valued at $4,248,960,000 after buying an additional 5,270,331 shares during the period. Northern Trust Corp lifted its stake in Eaton by 2.2% during the 3rd quarter. Northern Trust Corp now owns 5,009,435 shares of the industrial products company’s stock worth $1,068,412,000 after acquiring an additional 109,775 shares in the last quarter. Norges Bank purchased a new position in Eaton during the 4th quarter valued at about $1,087,983,000. Finally, Coatue Management LLC grew its position in Eaton by 5.2% in the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after acquiring an additional 195,809 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

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.