Eaton (ETN) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Eaton (NYSE:ETN) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $88.00 target price on the industrial products company’s stock.

According to Zacks, “In the last 24 months, Eaton’s shares have gained higher than the industry.  Eaton’s wide market reach and varied product offerings will ensure continuous revenue generation for the company. Its restructuring activities will drive performance and help Eaton to achieve its guidance for the year. Consistent R&D investments will help it to create new products and provide better electrical solutions to its customers. The free cash flow generation capability is also helping Eaton to move ahead with its share repurchase program. We believe the improvement in end-market conditions is boosting the order book of the company. However, wide operation exposes it to weather calamities, natural disaster, cyber-attacks and security breaches, which adversely impact operation and earnings.”

ETN has been the topic of a number of other reports. Citigroup lifted their price objective on Eaton from $90.00 to $92.00 and gave the stock a buy rating in a research report on Thursday, November 2nd. Credit Suisse Group reiterated an outperform rating and issued a $92.00 price objective (up from $86.00) on shares of Eaton in a research report on Wednesday, November 1st. Buckingham Research initiated coverage on Eaton in a research report on Tuesday, October 17th. They issued a neutral rating and a $82.00 price objective on the stock. Stifel Nicolaus reiterated a hold rating and issued a $85.00 price objective on shares of Eaton in a research report on Friday, November 3rd. Finally, Oppenheimer reiterated a hold rating on shares of Eaton in a research report on Tuesday, October 31st. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $83.43.

Shares of Eaton (NYSE ETN) traded down $0.87 during mid-day trading on Tuesday, hitting $80.77. The stock had a trading volume of 3,936,400 shares, compared to its average volume of 3,669,033. The company has a market cap of $35,590.00, a price-to-earnings ratio of 18.53, a P/E/G ratio of 1.91 and a beta of 1.38. Eaton has a 12-month low of $66.60 and a 12-month high of $82.34. The company has a current ratio of 1.43, a quick ratio of 1.02 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $1.25 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.25. The firm had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.12 billion. Eaton had a return on equity of 12.89% and a net margin of 14.21%. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the company earned $1.16 EPS. research analysts forecast that Eaton will post 4.6 EPS for the current fiscal year.

In other Eaton news, insider Nandakumar Cheruvatath sold 10,000 shares of Eaton stock in a transaction on Friday, December 8th. The stock was sold at an average price of $77.50, for a total transaction of $775,000.00. Following the completion of the transaction, the insider now owns 16,571 shares in the company, valued at $1,284,252.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Revathi Advaithi sold 23,743 shares of Eaton stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $78.36, for a total value of $1,860,501.48. Following the transaction, the insider now owns 31,028 shares of the company’s stock, valued at approximately $2,431,354.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,938 shares of company stock valued at $4,597,529. 0.80% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the company. Cable Hill Partners LLC raised its stake in shares of Eaton by 174.8% in the third quarter. Cable Hill Partners LLC now owns 1,363 shares of the industrial products company’s stock worth $105,000 after purchasing an additional 867 shares during the last quarter. Fieldpoint Private Securities LLC purchased a new position in shares of Eaton in the third quarter worth $130,000. Captrust Financial Advisors purchased a new position in shares of Eaton in the second quarter worth $133,000. Harfst & Associates Inc. raised its stake in shares of Eaton by 21.8% in the second quarter. Harfst & Associates Inc. now owns 1,798 shares of the industrial products company’s stock worth $139,000 after purchasing an additional 322 shares during the last quarter. Finally, Acrospire Investment Management LLC raised its stake in shares of Eaton by 325.9% in the second quarter. Acrospire Investment Management LLC now owns 2,091 shares of the industrial products company’s stock worth $163,000 after purchasing an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 76.51% of the company’s stock.

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Eaton Company Profile

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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