JPMorgan Chase & Co. Has Lowered Expectations for Eaton (NYSE:ETN) Stock Price

Eaton (NYSE:ETN) had its target price decreased by investment analysts at JPMorgan Chase & Co. from $350.00 to $348.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 0.86% from the stock’s current price.

Other analysts also recently issued reports about the company. UBS Group assumed coverage on Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 target price for the company. Wells Fargo & Company lowered their price target on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Evercore ISI cut shares of Eaton from an “outperform” rating to an “inline” rating and upped their price target for the company from $333.00 to $389.00 in a research note on Wednesday, November 13th. Sanford C. Bernstein initiated coverage on shares of Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective for the company. Finally, Bank of America increased their target price on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $368.89.

Eaton Trading Up 0.7 %

NYSE ETN opened at $345.02 on Wednesday. The business’s fifty day moving average is $355.04 and its 200-day moving average is $329.43. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The stock has a market capitalization of $136.35 billion, a price-to-earnings ratio of 36.70, a PEG ratio of 2.27 and a beta of 1.06. Eaton has a one year low of $236.04 and a one year high of $379.99.

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

Insider Transactions at Eaton

In other Eaton news, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the sale, the director now owns 51,422 shares of the company’s stock, valued at $17,241,796.60. This represents a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the transaction, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,981 shares of company stock valued at $27,660,117. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Eaton

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. One Capital Management LLC bought a new stake in shares of Eaton during the 2nd quarter valued at about $511,000. Edgestream Partners L.P. boosted its position in Eaton by 98.5% during the 2nd quarter. Edgestream Partners L.P. now owns 1,989 shares of the industrial products company’s stock valued at $624,000 after acquiring an additional 987 shares in the last quarter. Bradley Foster & Sargent Inc. CT grew its holdings in shares of Eaton by 81.8% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 16,686 shares of the industrial products company’s stock worth $5,232,000 after acquiring an additional 7,510 shares during the period. SYSTM Wealth Solutions LLC raised its position in shares of Eaton by 97.5% in the 2nd quarter. SYSTM Wealth Solutions LLC now owns 2,246 shares of the industrial products company’s stock worth $704,000 after acquiring an additional 1,109 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its stake in shares of Eaton by 1.1% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 168,435 shares of the industrial products company’s stock valued at $52,813,000 after purchasing an additional 1,836 shares during the period. 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.