Wells Fargo & Company Issues Pessimistic Forecast for Eaton (NYSE:ETN) Stock Price

Eaton (NYSE:ETN) had its target price dropped by stock analysts at Wells Fargo & Company from $365.00 to $350.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 1.85% from the stock’s previous close.

Several other equities research analysts have also issued reports on ETN. Citigroup lifted their price target on Eaton from $394.00 to $440.00 and gave the company a “buy” rating in a report on Monday, December 9th. Mizuho raised 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. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the company from $333.00 to $389.00 in a research note on Wednesday, November 13th. 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 research note on Thursday, December 5th. Finally, Jefferies Financial Group lifted their price objective on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a report on Friday, December 6th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus target price of $369.28.

Eaton Trading Down 1.4 %

Eaton stock traded down $4.93 during midday trading on Tuesday, reaching $343.63. The stock had a trading volume of 678,878 shares, compared to its average volume of 1,985,189. The firm’s fifty day simple moving average is $354.73 and its two-hundred day simple moving average is $328.29. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. Eaton has a twelve month low of $234.20 and a twelve month high of $379.99. The firm has a market cap of $135.80 billion, a price-to-earnings ratio of 36.56, a PEG ratio of 2.74 and a beta of 1.06.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.47 earnings per share. Equities analysts anticipate that Eaton will post 10.8 EPS for the current fiscal year.

Insider Buying and Selling at Eaton

In other Eaton news, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the transaction, the director now directly owns 51,422 shares in the company, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the sale, the insider now owns 31,200 shares of the company’s stock, valued at $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,981 shares of company stock valued at $27,660,117. 0.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eaton

Several institutional investors and hedge funds have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. lifted 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 valued at $13,533,000 after buying an additional 13,497 shares in the last quarter. Interval Partners LP lifted its position in Eaton by 82.7% in the 2nd quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock valued at $47,571,000 after acquiring an additional 68,693 shares in the last quarter. Scientech Research LLC boosted its stake in Eaton by 285.5% in the 2nd quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock worth $1,801,000 after purchasing an additional 4,254 shares during the period. Wolverine Asset Management LLC acquired a new stake in shares of Eaton in the 3rd quarter valued at about $1,160,000. Finally, Heritage Wealth Management Inc. bought a new stake in shares of Eaton in the second quarter valued at about $3,263,000. 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.