Royal Bank of Canada Lowers Eaton (NYSE:ETN) Price Target to $405.00

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

ETN has been the topic of several other reports. UBS Group initiated coverage on Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price target on the stock. Barclays boosted their price objective on shares of Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Melius cut shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a report on Tuesday, January 28th. Jefferies Financial Group boosted their target price on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Mizuho lifted their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $369.20.

Eaton Stock Performance

ETN opened at $315.21 on Monday. 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 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 business has a fifty day simple moving average of $348.01 and a 200-day simple moving average of $331.26. Eaton has a fifty-two week low of $255.65 and a fifty-two week high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the prior year, the firm posted $2.55 EPS. As a group, equities analysts predict that Eaton will post 12 EPS for the current fiscal year.

Insider Activity at Eaton

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the sale, the insider now owns 31,200 shares of the company’s stock, valued at $11,811,696. The trade was a 4.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory R. Page sold 10,000 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the transaction, the director now owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Eaton

Several large investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in shares of Eaton by 0.7% during the third quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock worth $2,665,342,000 after buying an additional 56,516 shares in the last quarter. Franklin Resources Inc. grew its position in Eaton by 15.1% during the 3rd quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company’s stock worth $836,938,000 after acquiring an additional 316,830 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Eaton by 32.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock valued at $801,798,000 after purchasing an additional 597,700 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Eaton by 253.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after purchasing an additional 1,629,856 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Eaton by 1.0% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,436,051 shares of the industrial products company’s stock worth $476,582,000 after purchasing an additional 13,862 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

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.