Eaton (NYSE:ETN) Given New $350.00 Price Target at Argus

Eaton (NYSE:ETN) had its price objective increased by investment analysts at Argus from $290.00 to $350.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Argus’ price objective would suggest a potential upside of 9.20% from the stock’s previous close.

Several other brokerages have also recently issued reports on ETN. UBS Group upped their target price on shares of Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Wolfe Research reissued an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a research report on Monday, April 8th. The Goldman Sachs Group increased their price objective on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. Finally, Citigroup increased their price objective on shares of Eaton from $270.00 to $310.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Eaton currently has an average rating of “Moderate Buy” and an average price target of $314.27.

Eaton Price Performance

Shares of NYSE ETN traded up $6.15 during mid-day trading on Thursday, hitting $320.50. 1,769,790 shares of the company’s stock traded hands, compared to its average volume of 2,741,837. The company’s 50-day moving average is $308.68 and its two-hundred day moving average is $261.94. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.02. The company has a market capitalization of $128.14 billion, a P/E ratio of 37.84, a PEG ratio of 2.49 and a beta of 1.06. Eaton has a 1 year low of $165.24 and a 1 year high of $333.05.

Eaton (NYSE:ETN) last announced its earnings results 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 analysts’ expectations of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business’s revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.88 EPS. On average, equities analysts anticipate that Eaton will post 10.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now owns 630 shares of the company’s stock, valued at $171,360. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Eaton news, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the transaction, the insider now owns 630 shares of the company’s stock, valued at $171,360. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the sale, the insider now directly owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The disclosure for this sale can be found here. Insiders sold a total of 38,969 shares of company stock valued at $10,904,774 over the last 90 days. Insiders own 0.53% of the company’s stock.

Institutional Trading of Eaton

Hedge funds have recently made changes to their positions in the company. Tennessee Valley Asset Management Partners acquired a new position in shares of Eaton in the 4th quarter worth approximately $25,000. LifeSteps Financial Inc. acquired a new position in shares of Eaton in the 1st quarter worth approximately $25,000. Atwood & Palmer Inc. lifted its holdings in shares of Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares during the last quarter. Clear Investment Research LLC acquired a new position in shares of Eaton in the 4th quarter worth approximately $29,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of Eaton in the 1st quarter worth approximately $33,000. 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.