Barclays Cuts Eaton (NYSE:ETN) Price Target to $320.00

Eaton (NYSE:ETN) had its price objective reduced by stock analysts at Barclays from $327.00 to $320.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the industrial products company’s stock. Barclays‘s price target suggests a potential downside of 3.86% from the company’s previous close.

ETN has been the subject of several other reports. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Morgan Stanley assumed coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Royal Bank of Canada reduced their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Citigroup began coverage on shares of Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price objective on the stock. Finally, Mizuho increased their target price on Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $339.65.

Eaton Price Performance

NYSE ETN traded up $1.27 on Friday, reaching $332.85. The company’s stock had a trading volume of 201,437 shares, compared to its average volume of 2,096,736. The firm’s 50 day moving average is $322.39 and its two-hundred day moving average is $318.15. The stock has a market cap of $132.51 billion, a PE ratio of 36.42, a PEG ratio of 2.62 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. Eaton has a twelve month low of $211.99 and a twelve month high of $349.74.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period last year, the firm posted $2.47 earnings per share. As a group, sell-side analysts predict that Eaton will post 10.75 EPS for the current year.

Insider Buying and Selling

In other news, Director Dorothy C. Thompson purchased 2,205 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Eaton news, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares in the company, valued at $662,161.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karenann K. Terrell acquired 500 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average cost of $298.97 per share, with a total value of $149,485.00. Following the transaction, the director now directly owns 500 shares in the company, valued at $149,485. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eaton

A number of institutional investors and hedge funds have recently bought and sold shares of ETN. Norden Group LLC bought a new position in shares of Eaton during the 1st quarter worth about $2,176,000. IAM Advisory LLC bought a new position in Eaton during the second quarter valued at about $599,000. Envestnet Portfolio Solutions Inc. raised its holdings in Eaton by 19.2% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 78,725 shares of the industrial products company’s stock valued at $24,616,000 after acquiring an additional 12,689 shares in the last quarter. Interval Partners LP lifted its position in shares of Eaton by 82.7% in the 2nd quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock worth $47,571,000 after acquiring an additional 68,693 shares during the period. Finally, Empowered Funds LLC grew its holdings in shares of Eaton by 302.4% during the 1st quarter. Empowered Funds LLC now owns 23,273 shares of the industrial products company’s stock worth $7,277,000 after purchasing an additional 17,490 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.