Wells Fargo & Company Cuts Eaton (NYSE:ETN) Price Target to $335.00

Eaton (NYSE:ETN) had its price objective lowered by equities researchers at Wells Fargo & Company from $350.00 to $335.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 5.32% from the stock’s current price.

A number of other research firms also recently issued reports on ETN. Melius Research restated a “hold” rating and issued a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Mizuho increased their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Barclays upped their target price on shares of Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. JPMorgan Chase & Co. dropped their price target on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Finally, Melius lowered 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. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $368.55.

Eaton Stock Down 2.6 %

Shares of NYSE ETN traded down $8.36 during trading on Monday, reaching $318.09. The company had a trading volume of 961,618 shares, compared to its average volume of 3,515,347. The business’s 50-day moving average is $349.23 and its 200 day moving average is $331.21. 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 stock has a market cap of $125.71 billion, a PE ratio of 33.68, a P/E/G ratio of 2.27 and a beta of 1.05. Eaton has a 12-month low of $255.65 and a 12-month high of $379.99.

Eaton (NYSE:ETN) last issued its 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 return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the prior year, the business posted $2.55 EPS. As a group, equities analysts forecast that Eaton will post 12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gregory R. Page sold 10,000 shares of the business’s 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 owns 43,203 shares of the company’s stock, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,981 shares of company stock worth $26,318,917. 0.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Eaton

Several large investors have recently added to or reduced their stakes in ETN. B. Riley Wealth Advisors Inc. grew its stake in Eaton by 48.9% in the third quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock worth $13,533,000 after purchasing an additional 13,497 shares in the last quarter. Lighthouse Wealth Management Inc. bought a new position in shares of Eaton during the 4th quarter worth $297,000. Webster Bank N. A. increased its stake in shares of Eaton by 52.4% during the fourth quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock valued at $5,949,000 after buying an additional 6,166 shares during the period. Ballentine Partners LLC raised its holdings in shares of Eaton by 9.3% in the fourth quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock valued at $3,072,000 after acquiring an additional 790 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Eaton by 13.2% in the 4th quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock valued at $4,804,000 after purchasing an additional 1,694 shares in the last quarter. 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.