JPMorgan Chase & Co. Boosts Eaton (NYSE:ETN) Price Target to $325.00

Eaton (NYSE:ETN) had its price objective boosted by research analysts at JPMorgan Chase & Co. from $279.00 to $325.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 1.40% from the company’s current price.

A number of other analysts have also recently commented on the stock. The Goldman Sachs Group lifted their target price on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Berenberg Bank lifted their target price on shares of Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Evercore ISI lifted their target price on shares of Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Finally, Bank of America lifted their target price on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $314.27.

Eaton Stock Up 2.0 %

Shares of NYSE:ETN traded up $6.15 during trading on Wednesday, reaching $320.50. The stock had a trading volume of 1,764,701 shares, compared to its average volume of 2,036,619. Eaton has a one year low of $165.24 and a one year high of $333.05. The company has a market capitalization of $128.14 billion, a P/E ratio of 37.84, a PEG ratio of 2.55 and a beta of 1.06. The company has a current ratio of 1.56, a quick ratio of 1.02 and a debt-to-equity ratio of 0.42. The firm’s 50-day simple moving average is $307.97 and its 200 day simple moving average is $261.18.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same period last year, the business earned $1.88 EPS. The company’s revenue was up 8.4% compared to the same quarter last year. As a group, research analysts expect that Eaton will post 10.42 EPS for the current fiscal year.

Insider Activity

In other news, insider Heath B. Monesmith sold 13,027 shares of Eaton 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 transaction, the insider now directly owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the sale, the insider now owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Peter Denk sold 1,731 shares of Eaton stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares in the company, valued at approximately $1,593,380.58. 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 in the last three months. 0.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Eaton

Institutional investors have recently added to or reduced their stakes in the stock. Ritholtz Wealth Management boosted its stake in Eaton by 5.1% during the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock worth $1,379,000 after purchasing an additional 277 shares during the last quarter. Pinnbrook Capital Management LP acquired a new stake in Eaton during the 4th quarter worth $15,109,000. Pacer Advisors Inc. boosted its stake in Eaton by 30.5% during the 4th quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock worth $8,205,000 after purchasing an additional 7,964 shares during the last quarter. Chicago Capital LLC acquired a new stake in Eaton during the 4th quarter worth $2,958,000. Finally, Neo Ivy Capital Management acquired a new stake in Eaton during the 3rd quarter worth $479,000. Institutional investors and hedge funds 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.