Eaton (NYSE:ETN) PT Raised to $325.00 at JPMorgan Chase & Co.

Eaton (NYSE:ETN) had its price target raised by equities research analysts at JPMorgan Chase & Co. from $279.00 to $325.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 3.39% from the stock’s current price.

Several other research firms have also issued reports on ETN. Bank of America increased their price objective on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. UBS Group lifted their price objective on Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. The Goldman Sachs Group increased their target price on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, Royal Bank of Canada upgraded shares of Eaton from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $302.93.

Eaton Stock Performance

Shares of NYSE ETN traded down $3.93 during trading hours on Wednesday, hitting $314.33. 685,737 shares of the company’s stock were exchanged, compared to its average volume of 1,994,725. Eaton has a 1-year low of $165.24 and a 1-year high of $333.05. The stock has a market capitalization of $125.57 billion, a price-to-earnings ratio of 39.19, a PEG ratio of 2.71 and a beta of 1.07. The company’s 50-day moving average price is $306.65 and its 200-day moving average price is $260.44. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. The business had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. Eaton’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.88 earnings per share. On average, sell-side analysts expect that Eaton will post 10.28 earnings per share for the current fiscal year.

Insider Transactions at Eaton

In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the sale, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The disclosure for this sale can be found here. Insiders have sold 38,969 shares of company stock worth $10,904,774 in the last three months. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

A number of hedge funds have recently modified their holdings of ETN. LifeSteps Financial Inc. acquired a new position in shares of Eaton in the first quarter valued at approximately $25,000. Atwood & Palmer Inc. boosted its stake in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the period. Tennessee Valley Asset Management Partners bought a new position in Eaton during the 4th quarter worth about $25,000. Redmont Wealth Advisors LLC bought a new stake in shares of Eaton in the first quarter valued at about $33,000. Finally, Clear Investment Research LLC acquired a new stake in Eaton in the 4th quarter valued at approximately $29,000. 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.