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

Eaton (NYSE:ETN)‘s stock had its “hold” rating reaffirmed by Melius Research in a research report issued on Tuesday,Benzinga reports. They currently have a $373.00 target price on the industrial products company’s stock. Melius Research’s price objective would indicate a potential upside of 17.33% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Sanford C. Bernstein initiated coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target for the company. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and lifted their price target for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. Wells Fargo & Company reduced their price objective on Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a report on Tuesday. Finally, Royal Bank of Canada lifted their price objective on Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $369.30.

Eaton Stock Performance

Shares of Eaton stock opened at $317.90 on Tuesday. The business has a fifty day simple moving average of $351.98 and a two-hundred day simple moving average of $331.21. 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 firm has a market capitalization of $125.63 billion, a P/E ratio of 33.82, a P/E/G ratio of 2.57 and a beta of 1.06. Eaton has a 12 month low of $245.65 and a 12 month high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.47 EPS. On average, equities analysts forecast that Eaton will post 10.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,981 shares of company stock valued at $27,660,117. Corporate insiders own 0.53% of the company’s stock.

Institutional Trading of Eaton

Several hedge funds have recently modified their holdings of the company. Groupama Asset Managment increased its position in shares of Eaton by 83.2% during the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 4,298 shares during the last quarter. Horizon Bancorp Inc. IN grew its position in shares of Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after buying an additional 74 shares in the last quarter. Morse Asset Management Inc purchased a new stake in shares of Eaton during the 3rd quarter worth $33,000. Activest Wealth Management raised its stake in Eaton by 621.4% in the fourth quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after buying an additional 87 shares during the last quarter. Finally, West Financial Advisors LLC purchased a new stake in Eaton in the third quarter valued at about $35,000. 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.