Wells Fargo & Company Cuts Eaton (NYSE:ETN) Price Target to $305.00

Eaton (NYSE:ETN) had its price objective reduced by analysts at Wells Fargo & Company from $335.00 to $305.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 7.80% from the stock’s current price.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. dropped their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Melius Research restated a “hold” rating and set a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. Evercore ISI cut their target price on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a report on Wednesday, February 19th. Royal Bank of Canada reiterated an “outperform” rating on shares of Eaton in a research note on Thursday, February 13th. Finally, Barclays dropped their price objective on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating on the stock in a research note on Monday. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and an average price target of $363.15.

Eaton Stock Up 1.3 %

ETN stock traded up $3.71 during trading on Wednesday, hitting $282.93. 550,451 shares of the company’s stock were exchanged, compared to its average volume of 3,614,710. The business has a 50-day moving average price of $324.45 and a two-hundred day moving average price of $332.49. 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 stock has a market capitalization of $111.81 billion, a price-to-earnings ratio of 29.78, a PEG ratio of 2.64 and a beta of 1.05. Eaton has a 52-week low of $255.65 and a 52-week high of $379.99.

Eaton (NYSE:ETN) last issued 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 prior year, the firm posted $2.55 earnings per share. As a group, equities research analysts expect that Eaton will post 12.02 EPS for the current year.

Insider Activity at Eaton

In other Eaton news, Director Gregory R. Page sold 10,000 shares of the stock in a transaction dated 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 completion of the transaction, the director now directly owns 43,203 shares of the company’s stock, valued at approximately $15,379,403.94. This trade represents a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

Institutional investors and hedge funds have recently modified their holdings of the company. Capital A Wealth Management LLC purchased a new position in shares of Eaton in the fourth quarter valued at $26,000. Flagship Wealth Advisors LLC acquired a new position in Eaton during the fourth quarter worth about $27,000. Noble Wealth Management PBC purchased a new stake in shares of Eaton in the fourth quarter valued at about $30,000. Groupama Asset Managment grew its position in shares of Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 4,298 shares during the last quarter. Finally, Horizon Bancorp Inc. IN increased its stake in shares of Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 74 shares in the last quarter. Institutional investors and hedge funds 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.