Eaton (NYSE:ETN) Raised to “Buy” at StockNews.com

Eaton (NYSE:ETN) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

A number of other brokerages also recently commented on ETN. Royal Bank of Canada cut their price objective on Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a research report on Thursday, March 6th. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a research report on Tuesday, January 28th. Evercore ISI cut their price objective on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. JPMorgan Chase & Co. cut their price objective on Eaton from $350.00 to $289.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Melius Research reiterated a “hold” rating and set a $373.00 price objective on shares of Eaton in a research report on Tuesday, January 28th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $350.22.

Eaton Stock Up 2.6 %

NYSE:ETN opened at $302.07 on Wednesday. The firm has a market capitalization of $118.34 billion, a PE ratio of 31.80, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The stock has a 50 day moving average of $280.96 and a 200-day moving average of $322.02. Eaton has a 52 week low of $231.85 and a 52 week high of $379.99. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the prior year, the firm earned $2.55 earnings per share. Analysts predict that Eaton will post 12.02 EPS for the current year.

Institutional Investors Weigh In On Eaton

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital A Wealth Management LLC acquired a new position in shares of Eaton during the fourth quarter worth approximately $26,000. Flagship Wealth Advisors LLC bought a new stake in shares of Eaton during the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC bought a new stake in shares of Eaton during the fourth quarter valued at approximately $30,000. Horizon Bancorp Inc. IN increased its position in shares of Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 74 shares during the period. Finally, Morse Asset Management Inc bought a new stake in shares of Eaton during the third quarter valued at approximately $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

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.