Evercore ISI Downgrades Eaton (NYSE:ETN) to Inline

Eaton (NYSE:ETN) was downgraded by research analysts at Evercore ISI from an “outperform” rating to an “inline” rating in a report released on Wednesday, MarketBeat Ratings reports. They currently have a $389.00 price target on the industrial products company’s stock, up from their previous price target of $333.00. Evercore ISI’s price objective would indicate a potential upside of 7.50% from the stock’s previous close.

Several other research analysts have also commented on ETN. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Barclays cut their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Citigroup initiated coverage on shares of Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price target for the company. Mizuho raised their price objective on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company upped their target price on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Price Performance

Shares of NYSE:ETN opened at $361.85 on Wednesday. The business has a fifty day simple moving average of $332.81 and a 200-day simple moving average of $320.84. Eaton has a 52 week low of $224.52 and a 52 week high of $373.49. The company has a market cap of $143.00 billion, a P/E ratio of 39.35, a P/E/G ratio of 2.96 and a beta of 1.01. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the prior year, the company posted $2.47 EPS. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. Equities research analysts forecast that Eaton will post 10.79 EPS for the current year.

Insider Activity

In other news, Director Karenann K. Terrell purchased 500 shares of the stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now owns 500 shares of the company’s stock, valued at $149,485. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the transaction, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. This trade represents a 44.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,705 shares of company stock worth $24,516,346. 0.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Eaton

Institutional investors have recently modified their holdings of the business. Breakwater Investment Management raised its position 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 worth $26,000 after purchasing an additional 78 shares during the period. Proffitt & Goodson Inc. acquired a new stake in Eaton in the second quarter worth $29,000. LGT Financial Advisors LLC bought a new stake in Eaton in the second quarter valued at $33,000. West Financial Advisors LLC acquired a new position in shares of Eaton during the third quarter valued at $35,000. Finally, DT Investment Partners LLC acquired a new stake in shares of Eaton in the 3rd quarter worth about $37,000. Institutional investors own 82.97% of the company’s stock.

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.