Wells Fargo & Company Issues Pessimistic Forecast for Eaton (NYSE:ETN) Stock Price

Eaton (NYSE:ETN) had its price objective lowered by research analysts at Wells Fargo & Company from $365.00 to $350.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 1.38% from the company’s previous close.

Several other analysts also recently weighed in on the stock. Raymond James lowered their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Mizuho raised their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Royal Bank of Canada upped their price objective on Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. UBS Group initiated coverage on shares of Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price on the stock. Finally, Barclays boosted their price objective on shares of Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $369.28.

Eaton Trading Up 0.4 %

Shares of Eaton stock opened at $345.24 on Tuesday. The company has a fifty day simple moving average of $354.74 and a 200-day simple moving average of $328.57. Eaton has a 12-month low of $235.67 and a 12-month high of $379.99. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The stock has a market cap of $136.44 billion, a price-to-earnings ratio of 36.73, a PEG ratio of 2.74 and a beta of 1.06.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.47 earnings per share. On average, equities analysts forecast that Eaton will post 10.8 EPS for the current fiscal year.

Insider Activity at Eaton

In other news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the completion of the sale, the director now directly owns 43,203 shares in the company, valued at $15,379,403.94. This represents a 18.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares in the company, valued at $11,811,696. The trade was a 4.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,981 shares of company stock worth $27,660,117. 0.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ETN. Breakwater Investment Management lifted its holdings in shares of Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares in the last quarter. Morse Asset Management Inc acquired a new position in shares of Eaton during the third quarter worth about $33,000. West Financial Advisors LLC purchased a new stake in shares of Eaton in the third quarter worth about $35,000. DT Investment Partners LLC acquired a new stake in shares of Eaton in the third quarter valued at about $37,000. Finally, RPg Family Wealth Advisory LLC purchased a new stake in shares of Eaton during the 3rd quarter valued at about $44,000. 82.97% of the stock is owned by institutional investors and hedge funds.

About Eaton

Eaton Corporation plc operates as a power management company worldwide. The company’s Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.