Royal Bank of Canada Issues Pessimistic Forecast for Eaton (NYSE:ETN) Stock Price

Eaton (NYSE:ETN) had its target price reduced by research analysts at Royal Bank of Canada from $407.00 to $405.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 28.49% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Bank of America raised their target price on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Jefferies Financial Group upped their price objective on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Wells Fargo & Company cut their target price on shares of Eaton from $350.00 to $335.00 and set an “equal weight” rating for the company in a research note on Monday. Barclays raised their price target on shares of Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Finally, Melius lowered shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a research report on Tuesday, January 28th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $369.20.

Eaton Stock Performance

NYSE:ETN opened at $315.21 on Monday. The firm’s fifty day simple moving average is $348.01 and its 200-day simple moving average is $331.26. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The stock has a market cap of $124.57 billion, a PE ratio of 33.18, a price-to-earnings-growth ratio of 2.27 and a beta of 1.05. Eaton has a fifty-two week low of $255.65 and a fifty-two week high of $379.99.

Eaton (NYSE:ETN) last issued its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same period in the previous year, the firm earned $2.55 earnings per share. Analysts expect that Eaton will post 12 earnings per share for the current fiscal year.

Insider Buying and Selling at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the transaction, the insider now directly owns 31,200 shares of the company’s stock, valued at $11,811,696. This trade represents a 4.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory R. Page sold 10,000 shares of the stock in a transaction dated 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 transaction, the director now directly owns 43,203 shares in the company, valued at $15,379,403.94. The trade was a 18.80 % decrease in their position. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Eaton

A number of institutional investors and hedge funds have recently made changes to their positions in ETN. Czech National Bank lifted its position in Eaton by 6.4% in the 3rd quarter. Czech National Bank now owns 81,097 shares of the industrial products company’s stock valued at $26,879,000 after purchasing an additional 4,912 shares during the last quarter. GAMMA Investing LLC increased its position in Eaton by 65.1% in the 3rd quarter. GAMMA Investing LLC now owns 12,280 shares of the industrial products company’s stock valued at $4,070,000 after acquiring an additional 4,842 shares during the period. Azzad Asset Management Inc. ADV boosted its position in Eaton by 5.2% during the 3rd quarter. Azzad Asset Management Inc. ADV now owns 12,318 shares of the industrial products company’s stock worth $4,083,000 after acquiring an additional 614 shares during the period. Diversified Trust Co increased its holdings in shares of Eaton by 4.2% during the third quarter. Diversified Trust Co now owns 12,924 shares of the industrial products company’s stock valued at $4,284,000 after purchasing an additional 524 shares during the period. Finally, Lakeridge Wealth Management LLC lifted its holdings in Eaton by 28.8% in the third quarter. Lakeridge Wealth Management LLC now owns 1,164 shares of the industrial products company’s stock worth $386,000 after purchasing an additional 260 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Company Profile

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.