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

Eaton (NYSE:ETN) had its target price reduced by investment analysts at Wells Fargo & Company from $350.00 to $335.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 6.28% from the stock’s previous close.

Several other analysts have also commented on ETN. Bank of America raised their price objective on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Melius Research reissued a “hold” rating and issued a $373.00 price target on shares of Eaton in a report on Tuesday, January 28th. Citigroup decreased their price objective on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Melius cut shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price for the company. in a research note on Tuesday, January 28th. Finally, Jefferies Financial Group lifted their price objective on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Friday, December 6th. 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, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $369.20.

Eaton Trading Down 0.1 %

Eaton stock opened at $315.21 on Monday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The firm has a market cap of $124.57 billion, a PE ratio of 33.18, a P/E/G ratio of 2.27 and a beta of 1.05. The stock’s 50 day simple moving average is $348.01 and its two-hundred day simple moving average is $331.26. Eaton has a 12 month low of $255.65 and a 12 month high of $379.99.

Eaton (NYSE:ETN) last released its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate 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 quarter last year, the firm earned $2.55 EPS. Analysts anticipate that Eaton will post 12 earnings per share for the current year.

Insider Activity at Eaton

In other news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the transaction, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. This represents a 18.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction that occurred 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 sale, the insider now 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 disclosure for this sale can be found here. 0.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Lake Street Advisors Group LLC grew its position in Eaton by 143.0% in the 4th quarter. Lake Street Advisors Group LLC now owns 22,382 shares of the industrial products company’s stock valued at $7,428,000 after acquiring an additional 13,172 shares in the last quarter. Kirtland Hills Capital Management LLC grew its holdings in shares of Eaton by 6.3% in the fourth quarter. Kirtland Hills Capital Management LLC now owns 831 shares of the industrial products company’s stock valued at $276,000 after purchasing an additional 49 shares in the last quarter. Cavalier Investments LLC lifted its holdings in Eaton by 3.8% during the 4th quarter. Cavalier Investments LLC now owns 7,858 shares of the industrial products company’s stock worth $2,608,000 after buying an additional 288 shares in the last quarter. Illinois Municipal Retirement Fund boosted its position in Eaton by 13.9% in the 4th quarter. Illinois Municipal Retirement Fund now owns 33,488 shares of the industrial products company’s stock valued at $11,114,000 after buying an additional 4,095 shares during the period. Finally, FourThought Financial Partners LLC acquired a new position in shares of Eaton in the fourth quarter worth $395,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

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.