Eaton (NYSE:ETN) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Eaton (NYSE:ETN) had its target price upped by research analysts at Morgan Stanley from $375.00 to $425.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 18.30% from the stock’s previous close.

ETN has been the subject of several other research reports. BNP Paribas Exane began coverage on shares of Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price objective for the company. Wall Street Zen cut shares of Eaton from a “buy” rating to a “hold” rating in a research report on Saturday, August 2nd. Royal Bank Of Canada lifted their target price on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. JPMorgan Chase & Co. boosted their target price on Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Finally, KeyCorp raised their price target on Eaton from $355.00 to $410.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $383.63.

Eaton Stock Performance

NYSE:ETN opened at $359.27 on Wednesday. The firm has a market capitalization of $140.58 billion, a PE ratio of 36.14, a price-to-earnings-growth ratio of 2.70 and a beta of 1.18. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.24 and a quick ratio of 0.84. The business’s fifty day moving average price is $354.13 and its 200 day moving average price is $318.34. Eaton has a 12 month low of $231.85 and a 12 month high of $399.56.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.03. The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.93 billion. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the company earned $2.73 EPS. On average, sell-side analysts anticipate that Eaton will post 12.02 earnings per share for the current fiscal year.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the firm’s stock in a transaction dated 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 owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eaton

A number of large investors have recently modified their holdings of ETN. Nvwm LLC grew its holdings in Eaton by 2.6% during the second quarter. Nvwm LLC now owns 10,635 shares of the industrial products company’s stock worth $3,797,000 after acquiring an additional 272 shares during the period. First Horizon Advisors Inc. grew its stake in shares of Eaton by 2.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 4,188 shares of the industrial products company’s stock worth $1,495,000 after purchasing an additional 84 shares during the period. Crestwood Advisors Group LLC increased its holdings in shares of Eaton by 0.6% in the 2nd quarter. Crestwood Advisors Group LLC now owns 15,165 shares of the industrial products company’s stock valued at $5,414,000 after purchasing an additional 87 shares in the last quarter. NewSquare Capital LLC lifted its stake in shares of Eaton by 117.7% in the second quarter. NewSquare Capital LLC now owns 246 shares of the industrial products company’s stock valued at $88,000 after purchasing an additional 133 shares during the period. Finally, MeadowBrook Investment Advisors LLC boosted its holdings in Eaton by 321.6% during the second quarter. MeadowBrook Investment Advisors LLC now owns 2,150 shares of the industrial products company’s stock worth $768,000 after buying an additional 1,640 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

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.