Eaton (ETN) Upgraded by Bank of America to “Buy”

Bank of America upgraded shares of Eaton (NYSE:ETN) from a neutral rating to a buy rating in a research report report published on Friday, MarketBeat Ratings reports.

ETN has been the subject of several other reports. ValuEngine cut shares of Eaton from a buy rating to a hold rating in a research note on Saturday, April 7th. Goldman Sachs raised shares of Eaton from a neutral rating to a buy rating and set a $88.00 price objective for the company in a research note on Tuesday, April 10th. JPMorgan Chase raised shares of Eaton from an underweight rating to a neutral rating and set a $82.00 price objective for the company in a research note on Thursday, March 1st. UBS began coverage on shares of Eaton in a research note on Tuesday, January 23rd. They set a neutral rating and a $87.00 price objective for the company. Finally, Jefferies Group raised shares of Eaton from a hold rating to a buy rating and set a $80.00 price objective for the company in a research note on Monday, March 26th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $86.33.

ETN stock traded up $0.92 during midday trading on Friday, hitting $78.59. The stock had a trading volume of 2,587,510 shares, compared to its average volume of 3,169,769. The stock has a market capitalization of $33.97 billion, a P/E ratio of 16.90, a PEG ratio of 1.51 and a beta of 1.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.00 and a current ratio of 1.51. Eaton has a 12-month low of $69.82 and a 12-month high of $89.85.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, May 1st. The industrial products company reported $1.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.03. The firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.11 billion. Eaton had a net margin of 14.59% and a return on equity of 12.77%. Eaton’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.96 EPS. research analysts forecast that Eaton will post 5.21 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 18th. Investors of record on Friday, May 4th were issued a dividend of $0.66 per share. The ex-dividend date of this dividend was Thursday, May 3rd. This represents a $2.64 annualized dividend and a dividend yield of 3.36%. Eaton’s payout ratio is 56.77%.

In related news, insider William J. Vanlandingham II sold 10,174 shares of Eaton stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $45.77, for a total transaction of $465,663.98. Following the transaction, the insider now owns 13,963 shares in the company, valued at approximately $639,086.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Deborah L. Mccoy sold 4,000 shares of Eaton stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $82.23, for a total transaction of $328,920.00. Following the transaction, the director now owns 35,936 shares in the company, valued at approximately $2,955,017.28. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. Baird Financial Group Inc. lifted its holdings in shares of Eaton by 0.5% during the 4th quarter. Baird Financial Group Inc. now owns 135,991 shares of the industrial products company’s stock valued at $10,745,000 after acquiring an additional 630 shares in the last quarter. HPM Partners LLC lifted its holdings in shares of Eaton by 2.9% during the 4th quarter. HPM Partners LLC now owns 23,379 shares of the industrial products company’s stock valued at $1,847,000 after acquiring an additional 662 shares in the last quarter. Cambria Investment Management L.P. lifted its holdings in shares of Eaton by 2.7% during the 1st quarter. Cambria Investment Management L.P. now owns 25,729 shares of the industrial products company’s stock valued at $2,056,000 after acquiring an additional 668 shares in the last quarter. Twin Tree Management LP lifted its holdings in shares of Eaton by 23.9% during the 4th quarter. Twin Tree Management LP now owns 3,548 shares of the industrial products company’s stock valued at $280,000 after acquiring an additional 684 shares in the last quarter. Finally, Segall Bryant & Hamill LLC lifted its holdings in Eaton by 6.1% in the 1st quarter. Segall Bryant & Hamill LLC now owns 12,164 shares of the industrial products company’s stock worth $972,000 after buying an additional 700 shares in the last quarter. Institutional investors and hedge funds own 79.23% of the company’s stock.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.

Analyst Recommendations for Eaton (NYSE:ETN)

Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply