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

Eaton (NYSE:ETN) had its price target reduced by equities research analysts at Royal Bank of Canada from $405.00 to $376.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s price target points to a potential upside of 31.79% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Melius cut shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a research note on Tuesday, January 28th. Citigroup reduced their price objective on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Evercore ISI reduced their price objective on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research note on Wednesday, February 19th. Barclays reduced their price objective on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating for the company in a research note on Monday, March 3rd. Finally, Bank of America boosted their price objective on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and an average target price of $362.58.

Eaton Price Performance

ETN opened at $285.29 on Thursday. The company has a market capitalization of $111.83 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 2.64 and a beta of 1.09. 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 firm has a 50-day moving average price of $321.13 and a 200-day moving average price of $331.71. Eaton has a twelve month low of $255.65 and a twelve month high of $379.99.

Eaton (NYSE:ETN) last posted its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, topping 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 period in the prior year, the business earned $2.55 earnings per share. Equities analysts expect that Eaton will post 12.02 EPS for the current year.

Insider Buying and Selling

In related news, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction 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 of the company’s stock, valued at $15,379,403.94. The trade was a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Capital A Wealth Management LLC purchased a new position in Eaton during the 4th quarter valued at $26,000. Flagship Wealth Advisors LLC purchased a new position in Eaton during the 4th quarter valued at $27,000. Noble Wealth Management PBC purchased a new position in Eaton during the 4th quarter valued at $30,000. Horizon Bancorp Inc. IN increased its position in Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 74 shares during the period. Finally, Morse Asset Management Inc purchased a new position in Eaton during the 3rd quarter valued at $33,000. 82.97% of the stock is 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.