Eaton (NYSE:ETN) Raised to Overweight at KeyCorp

Eaton (NYSE:ETN) was upgraded by equities researchers at KeyCorp from a “sector weight” rating to an “overweight” rating in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage presently has a $340.00 price objective on the industrial products company’s stock. KeyCorp’s target price would suggest a potential upside of 20.19% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the company. Wells Fargo & Company decreased their price objective on Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Bank of America upped their price objective on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. UBS Group initiated coverage on Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target for the company. Jefferies Financial Group raised their price objective on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Melius Research reaffirmed a “hold” rating and set a $373.00 target price on shares of Eaton in a report on Tuesday, January 28th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $361.45.

Eaton Price Performance

ETN opened at $282.89 on Wednesday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $110.89 billion, a price-to-earnings ratio of 29.78, a PEG ratio of 2.64 and a beta of 1.09. Eaton has a 12-month low of $255.65 and a 12-month high of $379.99. The business’s fifty day simple moving average is $319.04 and its 200-day simple moving average is $331.92.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates 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 previous year, the company posted $2.55 earnings per share. On average, equities research analysts anticipate that Eaton will post 12.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Eaton

In other news, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction on Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the sale, the director now directly owns 43,203 shares of the company’s stock, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

A number of institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in Eaton during the 4th quarter worth $1,495,582,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Eaton by 253.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock worth $753,590,000 after purchasing an additional 1,629,856 shares in the last quarter. Capital International Investors acquired a new position in Eaton during the 4th quarter worth $523,541,000. Proficio Capital Partners LLC grew its stake in Eaton by 42,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock worth $243,036,000 after purchasing an additional 730,594 shares in the last quarter. Finally, Leigh Baldwin & CO. LLC acquired a new position in Eaton during the 4th quarter worth $231,552,000. 82.97% of the stock is 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.