Eaton (NYSE:ETN) Price Target Cut to $405.00 by Analysts at Royal Bank of Canada

Eaton (NYSE:ETN) had its price objective cut by stock analysts at Royal Bank of Canada from $407.00 to $405.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s price target points to a potential upside of 27.00% from the stock’s current price.

Several other research analysts also recently weighed in on ETN. Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price for the company. in a report on Tuesday, January 28th. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and upped their price target for the company from $333.00 to $389.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. dropped their target price on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Wells Fargo & Company reduced their price objective on shares of Eaton from $350.00 to $335.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, Barclays boosted 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. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $369.20.

Eaton Stock Performance

ETN stock traded down $7.54 on Monday, hitting $318.90. The company had a trading volume of 1,140,199 shares, compared to its average volume of 3,524,645. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton has a 12-month low of $255.65 and a 12-month high of $379.99. The stock has a market cap of $126.03 billion, a price-to-earnings ratio of 33.58, a P/E/G ratio of 2.27 and a beta of 1.05. The stock’s 50-day simple moving average is $349.23 and its 200 day simple moving average is $331.21.

Eaton (NYSE:ETN) last announced its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating 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 last year, the business earned $2.55 earnings per share. As a group, equities research analysts expect that Eaton will post 12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the sale, the insider now owns 31,200 shares in the company, valued at $11,811,696. This represents a 4.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 sale, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,981 shares of company stock valued at $26,318,917. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several institutional investors and hedge funds have recently modified their holdings of ETN. Czech National Bank lifted its holdings in Eaton by 6.4% in the third quarter. Czech National Bank now owns 81,097 shares of the industrial products company’s stock valued at $26,879,000 after acquiring an additional 4,912 shares during the period. GAMMA Investing LLC lifted its stake in shares of Eaton by 65.1% in the 3rd quarter. GAMMA Investing LLC now owns 12,280 shares of the industrial products company’s stock valued at $4,070,000 after purchasing an additional 4,842 shares during the period. Azzad Asset Management Inc. ADV boosted its holdings in Eaton by 5.2% during the third quarter. Azzad Asset Management Inc. ADV now owns 12,318 shares of the industrial products company’s stock worth $4,083,000 after buying an additional 614 shares in the last quarter. Diversified Trust Co grew its position in Eaton by 4.2% during the third quarter. Diversified Trust Co now owns 12,924 shares of the industrial products company’s stock valued at $4,284,000 after buying an additional 524 shares during the period. Finally, Lakeridge Wealth Management LLC increased its holdings in Eaton by 28.8% in the third quarter. Lakeridge Wealth Management LLC now owns 1,164 shares of the industrial products company’s stock valued at $386,000 after buying an additional 260 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

About Eaton

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.