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ETN $369.66

ETN target price
369.66
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190
Eaton Corporation plc
Type
Public company
Traded as NYSE: ETN
S&P 500 Component
Industry Conglomerate
Founded 1911; 106 years ago (1911)
Founder Joseph Oriel Eaton II
Viggo Torbensen
Headquarters Corporate Headquarters -
Eaton House
30 Pembroke Road
Dublin 4
Ireland
Area served
Worldwide
Key people
Craig Arnold (Chairman, President & CEO)
Revenue Decrease US$20.9 billion (2016)
Operating income
Increase US$2.1 billion (2016)
Net income
Decrease US$1.93 billion (2016)
Total assets Decrease US$30.42 billion (2016)
Total equity Decrease US$14.9 billion (2016)
Number of employees
95,000
Divisions Electrical Sector
Industrial Sector
- Aerospace
- Hydraulics
- Filtration
- Vehicle
Website eaton.com

Eaton Corporation Plc is a multinational power management company with 2016 sales of $19.7 billion, founded in the United States with corporate headquarters in Dublin, Ireland. Eaton has approximately 95,000 employees and sells products to customers in more than 175 countries.

In 1911, Joseph O. Eaton, brother-in-law Henning O. Taube and Viggo V. Torbensen, incorporated the Torbensen Gear and Axle Co. in Bloomfield, New Jersey. With financial backing from Torbensen's mother, the company was set to manufacture Torbensen's patented internal-gear truck axle. In 1914, the company moved to Cleveland, Ohio, to be closer to its core business, the automotive industry.

The Torbensen Axle Company incorporated in Ohio in 1916, succeeding the New Jersey corporation. A year later, Republic Motor Truck Company, Torbensen's largest customer bought out the company. But Eaton and Torbensen were not content and bowed out of Republic to form the Eaton Axle Company in 1919. A year later, in 1920, Eaton Axle Company merged with Standard Parts. Standard Parts went in receivership later the same year and was later liquidated. In 1923, Eaton bought the Torbensen Axle Co. back from Republic and changed the name to the Eaton Axle and Spring Company.

Eaton officers believed the quickest way to grow the business was through acquisitions and began buying companies in the automotive industry. By 1932, the diversified company changed its name to Eaton Manufacturing Company. In 1937, Eaton became international by opening a manufacturing plant in Canada. In 1958 Eaton Corporation acquired Fuller Manufacturing. The company name changed once again in 1965 to Eaton Yale & Towne Inc. after the acquisition of Yale & Towne Manufacturing Co. in 1963. Stockholders approved the change to the company's current name in 1971. In 1978, Eaton Corporation acquired Samuel Moore & Company, Kenway Systems, and Cutler-Hammer.

Eaton's business comprises two sectors: Electrical and Industrial:

The electrical sector's products include circuit breakers, switchgear, UPS systems, power distribution units, panelboards, loadcenters, motor controls, meters, sensors, relays and inverters. The main markets for the Electrical Americas and Electrical Rest of World segments are industrial, institutional, government, utility, commercial, residential, information technology and original equipment manufacturer customers.

Eaton is a manufacturer of systems and components for use in mobile and industrial applications. Markets include agriculture, construction, mining, forestry, utility, material handling, machine tools, molding, power generation, primary metals, and oil and gas. The Hydraulics group also includes Eaton's Filtration, Golf Grip and Airflex industrial clutch and brake businesses.

For the aerospace industry, Eaton manufactures and markets a line of systems and components for hydraulic, fuel, motion control, pneumatic systems and engines.

The Vehicle Group comprises the company's truck and automotive segments.

The truck segment is involved in the design, manufacture and marketing of powertrain systems and other components for commercial vehicle markets. Key products include manual and automated transmissions, clutches and hybrid power.

Eaton’s automotive segment produces products such as superchargers, engine valves, valve train components, cylinder heads, locking and limited-slip differentials, fuel, emissions, and safety controls, transmission and engine controls, spoilers, exterior moldings, plastic components, and fluid connectors.

Eaton Electrical purchased the Westinghouse Distribution and Controls Business Unit in 1994 which was one of Eaton's largest acquisitions. The acquisition included all of the Westinghouse electrical distribution and control product business and also included stipulations that the Westinghouse name cannot be used by anyone else on these types of products for years. Today, Eaton Electrical manufactures electrical distribution and control products branded "Eaton" or "Cutler-Hammer" which can replace Westinghouse products in commercial and industrial applications.

Eaton spun off its semiconductor manufacturing equipment business as Axcelis Technologies in 2000.

In 2003, Eaton's Electrical Distribution and Control business (formerly known as Cutler-Hammer) acquired the electrical division of Delta plc. This acquisition brought Delta's brands Holec, MEM, Tabula, Bill and Elek under the Eaton nameplate with the previous Westinghouse divisions and gave the company manufacturing facilities to meet IEC standards, one of the steps to become a global company and developing a worldwide standard.

Soon after this acquisition, Eaton entered a joint venture with Caterpillar Inc. and purchased 51% of I & S operations (now known as Intelligent Switchgear Organization, LLC). This was followed in 2004 by the acquisition of Powerware. The Powerware brand is known for the design and production of medium to large Uninterruptible Power System (UPS) devices. After several years of co-branding UPS products "Eaton|Powerware" the company is switching to the single brand Eaton for all UPS products including; BladeUPS, 9355, 9390, 9395, and 9E.

In 2006, Eaton entered the data center power distribution market. Initial products were internally developed PDU's and RPP's under the Powerware brand and included the PowerXpert metering system. A Powerware brand Static Transfer Switch was added to the portfolio through a brand-label relationship with Cyberex. To complete the power distribution portfolio Eaton released a line of rack power distribution products under its Powerware brand called ePDU. It acquired Aphel Technologies Ltd., a manufacturer of power distribution product for data centers based in Coventry, UK. Shortly after, it added Pulizzi Engineering Inc., Santa Ana, CA-based manufacturer of mission critical power distribution. In late 2007, it acquired the MGE Office Protection Systems division of Schneider Electric, as a result of Schneider's acquisition of APC. A Taiwanese manufacturer, Phoenixtec, was also acquired giving the company the highest share in the Chinese single-phase UPS market.

On May 21, 2012 Eaton announced that they had agreed to purchase Ireland-based Cooper Industries in a cash-and-stock deal valued at about $11.46 billion. The new company is called Eaton Corporation plc and is incorporated in Ireland. Then-Eaton Chairman and CEO Alexander Cutler headed the new corporation. Cooper shareholders received $39.15 in cash and 0.77479 of a share in the newly created company for each Cooper share held. This is worth $72 per share based on Eaton’s closing share price of $42.40 on May 18, 2012, and is 29% above Cooper’s closing stock price. Eaton Corporation plc completed its acquisition of Cooper Industries on Nov 30, 2012. The $13 billion acquisition of Cooper (USD$5.4B Sales revenue -2011), became the largest in Eaton's (USD$16B Sales Revenue-2011) 101-year history.

From 1920s-1964 Eaton was based on East 140th Street. In 1964, Eaton moved its headquarters into the new Erieview Tower where it remained until 1983. In that year, Eaton Corporation moved into a 28-story Cleveland office tower which was renamed for it. Eaton relocated to its new 580,000 square foot facility, named Eaton Center, in Beachwood, Ohio in early 2013. The reincorporation in Ireland as part of the Cooper merger involved establishing a registered head office in Dublin, Ireland but operational headquarters remain in Ohio.

Eaton was selected in 2008 as a recipient of the CALSTART Blue Sky Award with recognition for its environmentally "green" transportation investments, products and actions. The award was directed towards the company's efforts to pioneer heavy duty hybrid-drive technology for trucks. The annual awards recognize outstanding marketplace contributions to clean air, energy efficiency and to the clean transportation industry overall by companies, organizations and individuals.

Operations of Eaton involve the use and disposal of certain substances regulated under environmental protection laws. Eaton continues to modify certain processes on an ongoing, regular basis to reduce the impact on the environment, including the reduction or elimination of certain chemicals used in, and wastes generated from, operations. Eaton has set standards for itself in the category of environmental protection vowing to reduce its own greenhouse gas emissions by 18 percent by 2012.

In 2006, Eaton joined the Green Suppliers Network, a public-private partnership with the EPA and U.S. Department of Commerce, through which small and medium-sized suppliers are helped to develop "lean and clean" manufacturing processes.

Eaton's hybrid electric powertrain combines a diesel engine and electric motor to drive the vehicle.

In 2013, Eaton has been ranked a global leader by Carbon Disclosure Project (CDP) and was named to the Climate Disclosure Leadership Index. Eaton’s position in the index ranked it first among its global competitors in the industrials sector.

Recognitions include the following:

The History of Eaton Corporation 1911–1985
Securities and Exchange Commission

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q1 2023 2023-05-02 Future report Set alerts
Q4 2022 2023-02-08 2.06 2.06
Q3 2022 2022-11-01 2.02 2.02
Q2 2022 2022-08-02 1.87 1.87
Q1 2022 2022-05-03 1.62 1.62
Q4 2021 2022-02-04 1.72 1.72
Q3 2021 2021-11-02 1.75 1.75
Q2 2021 2021-08-03 1.72 1.72
Q1 2021 2021-05-04 1.44 1.44
Q4 2020 2021-02-02 1.28 1.28

Ratings

2016-07-09 Reiterated Rating Credit Suisse Group AG Buy
2016-06-27 Reiterated Rating Sanford C. Bernstein Market Perform
2016-05-11 Reiterated Rating Argus Hold
2016-05-08 Reiterated Rating Morgan Stanley Buy
2016-05-02 Boost Price Target Sanford C. Bernstein Market Perform $65.00 to $68.00
2016-05-02 Boost Price Target RBC Capital Sector Perform $57.00 to $59.00
2016-05-02 Boost Price Target Buckingham Research Neutral $60.00 to $65.00
2016-05-02 Boost Price Target Royal Bank Of Canada Sector Perform $57.00 to $59.00
2016-04-17 Reiterated Rating Deutsche Bank Hold
2016-04-17 Reiterated Rating Deutsche Bank AG Hold
2016-04-07 Boost Price Target Morgan Stanley $63.00 to $68.00
2016-04-04 Downgrade Longbow Research Buy to Neutral
2016-02-29 Boost Price Target Robert W. Baird $52.00 to $54.00
2016-02-29 Boost Price Target JPMorgan Chase & Co. Neutral $54.00 to $60.00
2016-02-17 Downgrade Standpoint Research Buy to Hold
2016-02-10 Reiterated Rating Deutsche Bank Hold $53.00
2016-02-04 Lower Price Target Societe Generale Hold $58.00 to $54.00
2016-02-04 Boost Price Target Robert W. Baird Neutral $50.00 to $52.00
2016-02-04 Boost Price Target Goldman Sachs Neutral $57.00 to $58.00
2016-02-04 Lower Price Target Citigroup Inc. Buy $65.00 to $60.00
2016-02-04 Boost Price Target RBC Capital Sector Perform $56.00 to $57.00
2016-02-04 Boost Price Target Goldman Sachs Group Inc. Neutral $57.00 to $58.00
2016-01-20 Initiated Coverage Standpoint Research Buy
2016-01-14 Lower Price Target JPMorgan Chase & Co. $55.00 to $51.00
2015-12-22 Lower Price Target Sanford C. Bernstein Market Perform $60.00 to $59.00
2015-12-11 Lower Price Target JPMorgan Chase & Co. $58.00 to $55.00
2015-11-11 Downgrade Argus Buy to Hold
2015-11-03 Boost Price Target Societe Generale Hold $56.00 to $58.00
2015-11-02 Lower Price Target Robert W. Baird Neutral $59.00 to $53.00
2015-11-02 Downgrade Sanford C. Bernstein Outperform to Market Perform $65.00 to $59.00
2015-10-30 Reiterated Rating CLSA Underperform
2015-10-30 Reiterated Rating Credit Agricole Underperform
2015-10-30 Reiterated Rating Credit Agricole SA Underperform
2015-10-20 Initiated Coverage Citigroup Inc. Buy
2015-10-20 Reiterated Rating Credit Suisse Outperform $66.00 to $63.00
2015-10-20 Downgrade Cleveland Research Buy to Neutral
2015-10-20 Lower Price Target RBC Capital Sector Perform $59.00 to $55.00
2015-10-20 Reiterated Rating Credit Suisse Group AG Outperform $66.00 to $63.00
2015-10-19 Initiated Coverage Credit Agricole Underperform $54.00
2015-10-19 Initiated Coverage CLSA Underperform $54.00
2015-10-15 Downgrade William Blair Outperform to Neutral
2015-10-15 Downgrade Robert W. Baird Outperform to Neutral $74.00 to $59.00
2015-10-15 Initiated Coverage Avondale Partners Market Perform $60.00
2015-10-09 Downgrade JPMorgan Chase & Co. Overweight to Neutral $68.00 to $58.00
2015-10-07 Lower Price Target Morgan Stanley $79.00 to $69.00
2015-10-05 Downgrade Barclays Overweight to Equal Weight $78.00 to $53.00
2015-10-05 Downgrade Barclays PLC Overweight to Equal Weight $78.00 to $53.00
2015-10-02 Lower Price Target Bank of America $70.00 to $60.00
2015-10-02 Lower Price Target Bank of America Corp. $70.00 to $60.00
2015-09-22 Reiterated Rating Sanford C. Bernstein Buy $78.00
2015-09-21 Lower Price Target RBC Capital $68.00 to $59.00
2015-09-18 Reiterated Rating Deutsche Bank Hold $65.00
2015-09-18 Lower Price Target JPMorgan Chase & Co. Overweight $73.00 to $68.00
2015-08-26 Upgrade Vertical Research Hold to Buy
2015-08-25 Reiterated Rating Deutsche Bank Hold $65.00
2015-08-14 Downgrade Atlantic Securities Overweight to Neutral $80.00 to $65.00
2015-08-04 Reiterated Rating Argus Buy $78.00 to $72.00
2015-07-30 Lower Price Target Barclays Overweight $83.00 to $78.00
2015-07-30 Lower Price Target RBC Capital Sector Perform $72.00 to $68.00
2015-06-19 Reiterated Rating Deutsche Bank Hold $76.00
2015-06-09 Reiterated Rating Oppenheimer Market Perform
2015-06-09 Reiterated Rating Oppenheimer Holdings Inc. Market Perform
2015-05-19 Reiterated Rating Oppenheimer Market Perform
2015-05-07 Reiterated Rating Sanford C. Bernstein Outperform $81.00 to $80.00
2015-05-05 Upgrade JPMorgan Chase & Co. Neutral to Overweight $70.00 to $84.00
2015-04-30 Boost Price Target Barclays Overweight $78.00 to $83.00
2015-03-17 Lower Price Target Barclays Overweight $80.00 to $78.00
2015-03-02 Boost Price Target RBC Capital Sector Perform $71.00 to $74.00
2015-02-04 Reiterated Rating Oppenheimer Market Perform
2015-01-20 Lower Price Target Citigroup Inc. Buy $80.00 to $75.00
2015-01-12 Lower Price Target Barclays Overweight $84.00 to $83.00
2014-11-24 Initiated Coverage RBC Capital Sector Perform $71.00
2014-10-31 Lower Price Target Argus Buy $81.00 to $78.00
2014-10-30 Reiterated Rating Barclays Overweight $78.00 to $84.00
2014-10-14 Upgrade Barclays Equal Weight to Overweight $78.00
2014-10-09 Reiterated Rating Buckingham Research Neutral $75.00 to $60.00
2014-10-06 Reiterated Rating Barclays Equal Weight $79.00 to $78.00
2014-10-02 Downgrade Oppenheimer Outperform to Market Perform $4.85
2014-09-30 Reiterated Rating Morgan Stanley Overweight $86.00 to $80.00
2014-09-17 Downgrade Stifel Nicolaus Buy to Hold
2014-09-09 Initiated Coverage Societe Generale Hold
2014-09-04 Initiated Coverage Buckingham Research Neutral
2014-08-04 Reiterated Rating Argus Buy $84.00 to $81.00
2014-07-31 Lower Price Target Sanford C. Bernstein $95.00 to $87.00
2014-07-31 Lower Price Target Morgan Stanley $90.00 to $88.00
2014-07-31 Lower Price Target Robert W. Baird $86.00 to $84.00
2014-07-30 Reiterated Rating Barclays Equal Weight $80.00 to $79.00
2014-07-30 Reiterated Rating Citigroup Inc. Buy $88.00 to $80.00
2014-07-30 Lower Price Target Oppenheimer Outperform $88.00 to $80.00
2014-07-30 Downgrade Deutsche Bank Buy to Hold
2014-07-30 Downgrade Goldman Sachs Buy to Neutral
2014-07-30 Downgrade JPMorgan Chase & Co. Overweight to Neutral $85.00 to $75.00
2014-07-02 Boost Price Target Oppenheimer Outperform $85.00 to $88.00
2014-06-24 Reiterated Rating Citigroup Inc. Buy $78.00 to $88.00
2014-04-07 Lower Price Target Morgan Stanley $90.00 to $89.00
2014-03-04 Boost Price Target Oppenheimer Outperform $82.00 to $85.00
2014-03-03 Boost Price Target Morgan Stanley $86.00 to $90.00
2014-03-03 Initiated Coverage Nomura Overweight $86.00 to $90.00
2014-02-21 Initiated Coverage Nomura Buy $87.00
2014-02-05 Downgrade MKM Partners Buy to Neutral $81.00 to $75.00
2014-02-05 Reiterated Rating Morgan Stanley Buy to Overweight $87.00 to $86.00
2014-02-05 Boost Price Target Barclays Equal Weight $74.00 to $80.00
2014-02-05 Lower Price Target Stifel Nicolaus $90.00 to $82.00
2014-02-05 Lower Price Target Robert W. Baird $85.00 to $82.00
2014-01-21 Boost Price Target Stifel Nicolaus Buy $83.00 to $90.00
2014-01-17 Boost Price Target Argus Buy $78.00 to $84.00
2014-01-07 Boost Price Target Robert W. Baird $79.00 to $85.00
2013-12-16 Upgrade Atlantic Securities Neutral to Overweight $79.00 to $89.00
2013-12-13 Boost Price Target MKM Partners Buy $75.00 to $81.00
2013-11-20 Boost Price Target Sanford C. Bernstein Outperform $76.00 to $82.00
2013-10-31 Downgrade Buckingham Research Buy to Neutral
2013-10-28 Boost Price Target Robert W. Baird Outperform $74.00 to $79.00
2013-10-28 Boost Price Target Oppenheimer Outperform $78.00 to $86.00
2013-10-28 Boost Price Target Jefferies Group Hold $65.00 to $70.00
2013-10-28 Boost Price Target Barclays Equal Weight $71.00 to $74.00
2013-10-07 Reiterated Rating Oppenheimer Buy $78.00
2013-10-07 Boost Price Target Barclays Equal Weight $66.00 to $71.00
2013-09-24 Boost Price Target Oppenheimer Outperform $73.00 to $78.00
2013-09-24 Reiterated Rating Sanford C. Bernstein Buy $79.00
2013-07-12 Initiated Argus Buy $78
2013-04-30 Reiterated Stifel Buy $65 to $73
2013-03-04 Reiterated MKM Partners Buy $70 to $75
2013-02-06 Reiterated MKM Partners Buy $61 to $70
2013-02-01 Reiterated Stifel Nicolaus Buy $60 to $65
2016-07-09 Reiterated Rating Credit Suisse Group AG Buy
2016-06-27 Reiterated Rating Sanford C. Bernstein Market Perform
2016-05-11 Reiterated Rating Argus Hold
2016-05-08 Reiterated Rating Morgan Stanley Buy
2016-05-02 Boost Price Target Sanford C. Bernstein Market Perform $65.00 to $68.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks