Evercore ISI Has Lowered Expectations for Eaton (NYSE:ETN) Stock Price

Eaton (NYSE:ETN) had its price objective lowered by equities research analysts at Evercore ISI from $382.00 to $326.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “in-line” rating on the industrial products company’s stock. Evercore ISI’s target price would indicate a potential upside of 5.38% from the company’s previous close.

A number of other equities research analysts have also commented on ETN. Melius lowered 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. Royal Bank of Canada lowered their price objective on shares of Eaton from $407.00 to $405.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. UBS Group started coverage on shares of Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price on the stock. Jefferies Financial Group upped their price target on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Wells Fargo & Company cut their price objective on Eaton from $350.00 to $335.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $366.05.

Eaton Price Performance

Shares of ETN traded down $3.75 during mid-day trading on Wednesday, hitting $309.37. The company’s stock had a trading volume of 488,569 shares, compared to its average volume of 3,300,412. Eaton has a fifty-two week low of $255.65 and a fifty-two week high of $379.99. The stock has a market capitalization of $122.26 billion, a price-to-earnings ratio of 32.55, a PEG ratio of 2.64 and a beta of 1.05. The firm has a 50-day moving average price of $335.20 and a 200 day moving average price of $332.20. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN) last posted its quarterly earnings data 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 quarter in the previous year, the business posted $2.55 EPS. On average, research analysts predict that Eaton will post 12.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total transaction of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the completion of the transaction, the director now owns 43,203 shares in the company, valued at approximately $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 owned by corporate insiders.

Hedge Funds Weigh In On Eaton

Several institutional investors and hedge funds have recently modified their holdings of ETN. Flagship Wealth Advisors LLC acquired a new stake in Eaton in the fourth quarter valued at about $27,000. Noble Wealth Management PBC bought a new stake in Eaton in the fourth quarter valued at approximately $30,000. Horizon Bancorp Inc. IN lifted its holdings in Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after buying an additional 74 shares during the period. Morse Asset Management Inc bought a new stake in Eaton in the third quarter worth approximately $33,000. Finally, Murphy & Mullick Capital Management Corp bought a new position in Eaton during the fourth quarter worth $33,000. 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.