Royal Bank of Canada Reaffirms Outperform Rating for Eaton (NYSE:ETN)

Eaton (NYSE:ETN)‘s stock had its “outperform” rating reissued by research analysts at Royal Bank of Canada in a report released on Friday, Benzinga reports. They currently have a $374.00 price objective on the industrial products company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 11.64% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Raymond James reduced their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Barclays lowered their price target on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research report on Friday. Mizuho raised their target price on shares of Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company upped their price target on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $341.00.

Eaton Stock Performance

Shares of Eaton stock opened at $335.00 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The firm has a market cap of $133.36 billion, a price-to-earnings ratio of 35.64, a price-to-earnings-growth ratio of 2.62 and a beta of 1.01. Eaton has a one year low of $211.99 and a one year high of $349.74. The stock’s 50-day moving average is $323.09 and its 200-day moving average is $318.31.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the prior year, the firm posted $2.47 EPS. The business’s revenue was up 7.9% on a year-over-year basis. Equities analysts predict that Eaton will post 10.75 earnings per share for the current fiscal year.

Insider Transactions at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,511 shares of company stock worth $15,809,326. Company insiders own 0.53% of the company’s stock.

Institutional Trading of Eaton

A number of institutional investors have recently modified their holdings of ETN. Breakwater Investment Management lifted its position in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the period. Proffitt & Goodson Inc. bought a new stake in shares of Eaton during the 2nd quarter worth approximately $29,000. LGT Financial Advisors LLC acquired a new stake in shares of Eaton during the 2nd quarter worth approximately $33,000. West Financial Advisors LLC bought a new position in Eaton in the third quarter valued at approximately $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new position in Eaton during the second quarter valued at approximately $37,000. 82.97% of the stock is currently owned by institutional investors.

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.