Eaton Corporation, PLC (NYSE:ETN)‘s stock had its “outperform” rating reissued by equities researchers at Credit Suisse Group in a research note issued to investors on Wednesday. They presently have a $92.00 target price on the industrial products company’s stock, up from their previous target price of $86.00. Credit Suisse Group’s price target would suggest a potential upside of 17.78% from the stock’s previous close.
A number of other research firms have also weighed in on ETN. Royal Bank Of Canada reiterated a “hold” rating and issued a $78.00 target price on shares of Eaton Corporation, PLC in a research note on Wednesday, July 12th. Wolfe Research initiated coverage on Eaton Corporation, PLC in a research note on Tuesday, July 11th. They issued a “market perform” rating on the stock. Stifel Nicolaus reissued a “hold” rating and set a $80.00 price target on shares of Eaton Corporation, PLC in a research report on Friday, July 7th. Bank of America Corporation downgraded Eaton Corporation, PLC from a “buy” rating to an “underperform” rating in a research report on Tuesday, October 17th. Finally, Buckingham Research initiated coverage on Eaton Corporation, PLC in a research report on Tuesday, October 17th. They set a “neutral” rating and a $82.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company. Eaton Corporation, PLC has a consensus rating of “Hold” and an average target price of $82.86.
Eaton Corporation, PLC (NYSE:ETN) traded down $2.79 during mid-day trading on Wednesday, reaching $78.11. The company’s stock had a trading volume of 3,759,757 shares, compared to its average volume of 2,543,273. The firm has a market cap of $34.97 billion, a PE ratio of 17.72 and a beta of 1.39.
Eaton Corporation, PLC (NYSE:ETN) last released its earnings results on Tuesday, October 31st. The industrial products company reported $1.25 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.25. Eaton Corporation, PLC had a return on equity of 12.89% and a net margin of 14.21%. The business had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same quarter last year, the firm posted $1.16 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. analysts forecast that Eaton Corporation, PLC will post 4.6 EPS for the current year.
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In related news, Director Deborah L. Mccoy sold 6,450 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $73.17, for a total transaction of $471,946.50. Following the sale, the director now owns 46,386 shares of the company’s stock, valued at $3,394,063.62. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.80% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Eaton Corporation, PLC by 2.3% in the first quarter. Vanguard Group Inc. now owns 30,348,561 shares of the industrial products company’s stock worth $2,250,347,000 after acquiring an additional 695,285 shares in the last quarter. BlackRock Inc. boosted its holdings in Eaton Corporation, PLC by 2,830.8% in the first quarter. BlackRock Inc. now owns 29,114,265 shares of the industrial products company’s stock worth $2,158,821,000 after acquiring an additional 28,120,890 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Eaton Corporation, PLC by 1.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,762,234 shares of the industrial products company’s stock worth $723,870,000 after acquiring an additional 170,461 shares in the last quarter. Bank of America Corp DE boosted its holdings in Eaton Corporation, PLC by 17.0% in the first quarter. Bank of America Corp DE now owns 6,407,605 shares of the industrial products company’s stock worth $475,123,000 after acquiring an additional 932,400 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its holdings in Eaton Corporation, PLC by 8.2% in the first quarter. Lazard Asset Management LLC now owns 5,849,259 shares of the industrial products company’s stock worth $433,722,000 after acquiring an additional 443,090 shares in the last quarter. 76.03% of the stock is owned by institutional investors and hedge funds.
About Eaton Corporation, PLC
Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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