Eaton (ETN) Gets a Buy from Bernstein
In a report released yesterday, Chad Dillard from Bernstein maintained a Buy rating on Eaton, with a price target of $534.00. The company’s shares closed yesterday at $375.46.
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Dillard covers the Industrials sector, focusing on stocks such as Cummins, Caterpillar, and United Rentals. According to TipRanks, Dillard has an average return of 8.8% and a 63.41% success rate on recommended stocks.
Currently, the analyst consensus on Eaton is a Strong Buy with an average price target of $468.73, implying a 24.84% upside from current levels. In a report released on June 5, Bank of America Securities also maintained a Buy rating on the stock with a $490.00 price target.
Based on Eaton’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $7.45 billion and a net profit of $866 million. In comparison, last year the company earned a revenue of $6.38 billion and had a net profit of $964 million
Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ETN in relation to earlier this year. Last month, Antonio Galvao, the President – Mobility Group of Eaton Corporation of ETN sold 494.00 shares for a total of $200,489.90.
