Evercore ISI Cuts Eaton (NYSE:ETN) Price Target to $326.00

Eaton (NYSE:ETN) had its price target lowered by Evercore ISI from $382.00 to $326.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an in-line rating on the industrial products company’s stock.

ETN has been the subject of a number of other reports. Citigroup reduced their target price on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Jefferies Financial Group boosted their target price on shares of Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Melius Research reissued a “hold” rating and set a $373.00 target price on shares of Eaton in a research note on Tuesday, January 28th. Melius lowered shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price for the company. in a research note on Tuesday, January 28th. Finally, Bank of America boosted their price target on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average target price of $366.05.

Eaton Price Performance

Eaton stock opened at $297.11 on Wednesday. The firm has a fifty day moving average of $331.97 and a 200-day moving average of $332.05. The firm has a market capitalization of $117.42 billion, a P/E ratio of 31.27, a PEG ratio of 2.65 and a beta of 1.05. Eaton has a 52-week low of $255.65 and a 52-week high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last released its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) 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 business posted $2.55 EPS. As a group, analysts predict that Eaton will post 12.02 EPS for the current year.

Insider Buying and Selling

In related news, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 43,203 shares in the company, valued at $15,379,403.94. The trade was a 18.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

Large investors have recently made changes to their positions in the company. Flagship Wealth Advisors LLC acquired a new stake in shares of Eaton during the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC purchased a new position in Eaton during the fourth quarter valued at approximately $30,000. Groupama Asset Managment grew its position in Eaton by 83.2% during 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 in the last quarter. Horizon Bancorp Inc. IN grew its position in Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 74 shares in the last quarter. Finally, Morse Asset Management Inc purchased a new position in Eaton during the third quarter valued at approximately $33,000. 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.