Morgan Stanley Increases Eaton (NYSE:ETN) Price Target to $97.00

Eaton (NYSE:ETN) had its price target upped by equities research analysts at Morgan Stanley from $94.00 to $97.00 in a report issued on Tuesday, BenzingaRatingsTable reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Morgan Stanley’s target price indicates a potential upside of 2.67% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Deutsche Bank cut shares of Eaton from a “buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Vertical Research cut shares of Eaton from a “buy” rating to a “hold” rating and set a $85.00 target price on the stock. in a research report on Wednesday, October 9th. UBS Group started coverage on shares of Eaton in a research report on Thursday, December 12th. They issued a “neutral” rating and a $98.00 target price on the stock. Oppenheimer raised shares of Eaton from a “market perform” rating to an “outperform” rating and set a $95.00 target price on the stock in a research report on Wednesday, October 16th. Finally, Vertical Group cut shares of Eaton from a “buy” rating to a “hold” rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company. Eaton currently has an average rating of “Hold” and a consensus target price of $94.00.

Shares of Eaton stock traded up $0.58 during mid-day trading on Tuesday, hitting $94.48. 23,257 shares of the stock were exchanged, compared to its average volume of 1,999,740. Eaton has a twelve month low of $67.97 and a twelve month high of $95.88. The stock has a market capitalization of $38.90 billion, a price-to-earnings ratio of 17.48, a price-to-earnings-growth ratio of 1.87 and a beta of 1.43. The company has a 50-day simple moving average of $94.05 and a 200 day simple moving average of $85.72. The company has a current ratio of 1.72, a quick ratio of 1.10 and a debt-to-equity ratio of 0.52.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.51 by $0.01. Eaton had a net margin of 11.06% and a return on equity of 15.15%. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same period last year, the company earned $1.43 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. Equities research analysts forecast that Eaton will post 5.71 earnings per share for the current fiscal year.

In other Eaton news, insider Joao V. Faria sold 16,988 shares of Eaton stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $90.98, for a total transaction of $1,545,568.24. Following the transaction, the insider now directly owns 58,841 shares of the company’s stock, valued at $5,353,354.18. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Richard H. Fearon sold 34,000 shares of Eaton stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $90.05, for a total transaction of $3,061,700.00. Following the transaction, the insider now directly owns 200,384 shares in the company, valued at $18,044,579.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,988 shares of company stock worth $5,527,268. 0.70% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Nuveen Asset Management LLC increased its stake in shares of Eaton by 16,401.5% in the second quarter. Nuveen Asset Management LLC now owns 3,151,288 shares of the industrial products company’s stock worth $262,439,000 after buying an additional 3,132,191 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Eaton by 61.8% during the second quarter. AQR Capital Management LLC now owns 3,988,837 shares of the industrial products company’s stock valued at $331,074,000 after acquiring an additional 1,524,042 shares during the period. Invesco Ltd. boosted its holdings in shares of Eaton by 28.1% during the second quarter. Invesco Ltd. now owns 5,815,463 shares of the industrial products company’s stock valued at $484,312,000 after acquiring an additional 1,276,325 shares during the period. Eaton Vance Management boosted its holdings in shares of Eaton by 501.2% during the second quarter. Eaton Vance Management now owns 929,311 shares of the industrial products company’s stock valued at $77,393,000 after acquiring an additional 774,731 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Eaton by 1.4% during the second quarter. Vanguard Group Inc. now owns 33,329,894 shares of the industrial products company’s stock valued at $2,775,713,000 after acquiring an additional 458,692 shares during the period. 78.16% of the stock is currently owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Eaton (NYSE:ETN)

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