Eaton (NYSE:ETN) Coverage Initiated at Sanford C. Bernstein

Research analysts at Sanford C. Bernstein began coverage on shares of Eaton (NYSE:ETN) in a research report issued to clients and investors on Tuesday, Briefing.com reports. The brokerage set an “outperform” rating and a $382.00 price target on the industrial products company’s stock. Sanford C. Bernstein’s price objective points to a potential upside of 15.36% from the company’s previous close.

Other research analysts have also issued reports about the stock. Evercore ISI cut their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Barclays decreased their price target on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday. Wells Fargo & Company upped their price objective on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Jefferies Financial Group raised their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Finally, Morgan Stanley began coverage on Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price for the company. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $343.28.

Eaton Stock Down 0.9 %

Shares of NYSE ETN opened at $331.13 on Tuesday. The firm has a 50-day moving average price of $323.78 and a 200 day moving average price of $318.52. Eaton has a 52 week low of $211.99 and a 52 week high of $349.74. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $130.86 billion, a price-to-earnings ratio of 35.23, a price-to-earnings-growth ratio of 2.55 and a beta of 1.01.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.47 EPS. Equities research analysts anticipate that Eaton will post 10.78 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,511 shares of company stock valued at $17,150,526. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Eaton

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Breakwater Investment Management lifted its holdings in shares of Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares during the period. Proffitt & Goodson Inc. bought a new position in shares of Eaton during the 2nd quarter valued at about $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton in the 2nd quarter worth approximately $33,000. West Financial Advisors LLC bought a new stake in shares of Eaton in the 3rd quarter worth approximately $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in Eaton during the second quarter valued at approximately $37,000. 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.