Jefferies Financial Group Initiates Coverage on Eaton (NYSE:ETN)

Equities researchers at Jefferies Financial Group began coverage on shares of Eaton (NYSE:ETN) in a research note issued on Wednesday, Benzinga reports. The firm set a “neutral” rating and a $395.00 price target on the industrial products company’s stock. Jefferies Financial Group‘s target price would indicate a potential upside of 11.48% from the stock’s current price.

ETN has been the subject of several other reports. Morgan Stanley upped their price target on shares of Eaton from $500.00 to $520.00 and gave the stock an “overweight” rating in a report on Friday, August 28th. Royal Bank Of Canada raised their price objective on Eaton from $526.00 to $539.00 and gave the company an “outperform” rating in a report on Wednesday, November 4th. Argus boosted their price objective on Eaton from $475.00 to $528.00 and gave the stock a “buy” rating in a research report on Tuesday, August 18th. HSBC upped their target price on Eaton from $440.00 to $460.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Finally, Wells Fargo & Company dropped their target price on Eaton from $503.00 to $485.00 and set an “overweight” rating for the company in a research report on Wednesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Eaton has an average rating of “Moderate Buy” and an average target price of $479.14.

Eaton Price Performance

ETN stock opened at $354.34 on Wednesday. The company has a 50 day simple moving average of $403.30 and a 200 day simple moving average of $396.80. The stock has a market cap of $137.66 billion, a price-to-earnings ratio of 35.40, a P/E/G ratio of 2.26 and a beta of 1.15. Eaton has a 1 year low of $311.92 and a 1 year high of $478.00. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.23 and a quick ratio of 0.78.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, November 3rd. The industrial products company reported $3.68 earnings per share for the quarter, beating analysts’ consensus estimates of $3.54 by $0.14. Eaton had a net margin of 12.18% and a return on equity of 25.09%. The firm had revenue of $8.95 billion for the quarter, compared to analyst estimates of $8.53 billion. During the same quarter last year, the business posted $3.07 earnings per share. The company’s quarterly revenue was up 28.0% on a year-over-year basis. Research analysts anticipate that Eaton will post 13.78 EPS for the current fiscal year.

Insider Buying and Selling at Eaton

In other Eaton news, Director Gerald Johnson acquired 130 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were bought at an average cost of $455.90 per share, with a total value of $59,267.00. Following the purchase, the director directly owned 1,829 shares of the company’s stock, valued at $833,841.10. This trade represents a 7.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.10% of the company’s stock.

Institutional Trading of Eaton

Several large investors have recently modified their holdings of ETN. Wellington Management Group LLP lifted its position in shares of Eaton by 19.6% during the 2nd quarter. Wellington Management Group LLP now owns 6,827,266 shares of the industrial products company’s stock valued at $2,909,235,000 after acquiring an additional 1,120,567 shares during the period. Public Sector Pension Investment Board boosted its stake in Eaton by 43.1% during the third quarter. Public Sector Pension Investment Board now owns 687,204 shares of the industrial products company’s stock worth $293,965,000 after acquiring an additional 206,945 shares in the last quarter. Sustainable Growth Advisers LP acquired a new stake in Eaton in the third quarter worth $85,752,000. Clal Insurance Enterprises Holdings Ltd grew its holdings in Eaton by 112.6% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 336,060 shares of the industrial products company’s stock worth $120,199,000 after purchasing an additional 178,000 shares during the period. Finally, Aberdeen Group plc grew its holdings in Eaton by 24.1% in the third quarter. Aberdeen Group plc now owns 838,318 shares of the industrial products company’s stock worth $360,234,000 after purchasing an additional 162,941 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

About Eaton

Eaton is a global power management company that designs and manufactures products and services intended to help customers manage electrical, hydraulic and mechanical power. Founded in 1911, the company serves customers across a range of industries, including utilities, commercial buildings, data centers, aerospace and transportation. Its offerings include electrical distribution and circuit protection equipment, power quality and backup systems, and power management software and services. Eaton also makes aerospace components and systems, as well as products for vehicle powertrains and related applications.