Mizuho Reiterates “Buy” Rating for Eaton (NYSE:ETN)

Eaton (NYSE:ETN)‘s stock had its “buy” rating restated by equities researchers at Mizuho in a research note issued on Wednesday, Benzinga reports. They presently have a $355.00 target price on the industrial products company’s stock, up from their previous target price of $340.00. Mizuho’s price objective would suggest a potential upside of 10.76% from the stock’s current price.

Several other research analysts have also commented on ETN. Citigroup increased their price target on shares of Eaton from $270.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Wolfe Research restated an “underperform” rating and set a $312.00 target price on shares of Eaton in a report on Monday, April 8th. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Berenberg Bank raised their price objective on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Finally, Evercore ISI upped their target price on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and an average target price of $314.27.

Eaton Stock Up 2.0 %

Eaton stock traded up $6.15 during trading hours on Wednesday, hitting $320.50. The company had a trading volume of 1,764,701 shares, compared to its average volume of 2,036,619. Eaton has a fifty-two week low of $165.24 and a fifty-two week high of $333.05. 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 firm has a market capitalization of $128.14 billion, a P/E ratio of 37.84, a price-to-earnings-growth ratio of 2.55 and a beta of 1.06. The firm’s fifty day moving average is $307.97 and its 200-day moving average is $261.18.

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

Insider Activity at Eaton

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

Institutional Trading of Eaton

Several hedge funds have recently modified their holdings of ETN. Vanguard Group Inc. grew its position in Eaton by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after acquiring an additional 259,615 shares during the last quarter. FMR LLC lifted its position in Eaton by 36.0% during the 3rd quarter. FMR LLC now owns 19,921,979 shares of the industrial products company’s stock worth $4,248,960,000 after buying an additional 5,270,331 shares in the last quarter. Northern Trust Corp grew its holdings 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 during the last quarter. Norges Bank bought a new position in shares of Eaton in the fourth quarter worth about $1,087,983,000. Finally, Coatue Management LLC lifted its position in shares of Eaton by 5.2% during the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after purchasing an additional 195,809 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

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.