Melius Research Reiterates Hold Rating for Eaton (NYSE:ETN)

Melius Research restated their hold rating on shares of Eaton (NYSE:ETN) in a research report released on Tuesday, MarketBeat Ratings reports. Melius Research currently has a $373.00 price target on the industrial products company’s stock.

Several other analysts have also recently issued reports on the company. Barclays increased their target price on Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Mizuho increased their target price on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Sanford C. Bernstein assumed coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective for the company. UBS Group assumed coverage on Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price objective for the company. Finally, JPMorgan Chase & Co. lowered their price objective on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $369.30.

Eaton Stock Up 3.0 %

Shares of NYSE ETN opened at $327.08 on Tuesday. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $129.26 billion, a PE ratio of 34.80, a price-to-earnings-growth ratio of 2.57 and a beta of 1.06. The stock’s fifty day simple moving average is $351.13 and its two-hundred day simple moving average is $331.12. Eaton has a 12-month low of $245.65 and a 12-month high of $379.99.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The business 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%. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the firm earned $2.47 EPS. As a group, analysts expect that Eaton will post 10.79 EPS for the current fiscal year.

Insider Buying and Selling at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares in the company, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,981 shares of company stock worth $26,318,917. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several institutional investors and hedge funds have recently modified their holdings of the business. Valmark Advisers Inc. increased its stake in shares of Eaton by 1.4% in the 4th quarter. Valmark Advisers Inc. now owns 5,840 shares of the industrial products company’s stock valued at $1,938,000 after purchasing an additional 80 shares in the last quarter. Lee Financial Co increased its stake in shares of Eaton by 8.5% in the 4th quarter. Lee Financial Co now owns 751 shares of the industrial products company’s stock valued at $249,000 after purchasing an additional 59 shares in the last quarter. Tcfg Wealth Management LLC increased its stake in shares of Eaton by 52.6% in the 4th quarter. Tcfg Wealth Management LLC now owns 2,031 shares of the industrial products company’s stock valued at $674,000 after purchasing an additional 700 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Eaton in the 4th quarter valued at about $38,000. Finally, Allworth Financial LP increased its stake in shares of Eaton by 6.4% in the 4th quarter. Allworth Financial LP now owns 62,093 shares of the industrial products company’s stock valued at $20,607,000 after purchasing an additional 3,717 shares in the last quarter. Hedge funds and other institutional investors 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.