Eaton (NYSE:ETN) Shares Gap Down – Here’s What Happened

Shares of Eaton Co. plc (NYSE:ETN) gapped down before the market opened on Monday . The stock had previously closed at $368.98, but opened at $329.49. Eaton shares last traded at $320.54, with a volume of 2,426,287 shares trading hands.

Analyst Ratings Changes

Several brokerages recently weighed in on ETN. Bank of America upped their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Royal Bank of Canada increased their price objective on shares of Eaton from $374.00 to $392.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. JPMorgan Chase & Co. cut their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. UBS Group assumed coverage on shares of Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price objective for the company. Finally, Mizuho boosted their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $368.89.

Eaton Trading Down 14.7 %

The company’s fifty day moving average is $353.96 and its 200-day moving average is $331.47. The stock has a market cap of $124.36 billion, a PE ratio of 33.39, a PEG ratio of 2.57 and a beta of 1.06. 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 (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. During the same period in the previous year, the firm posted $2.47 EPS. Eaton’s revenue was up 7.9% compared to the same quarter last year. On average, analysts predict that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the transaction, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This trade represents a 7.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s 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 transaction, the insider now directly owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. This represents a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,981 shares of company stock valued at $27,660,117 in the last three months. 0.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Groupama Asset Managment lifted its position in Eaton by 83.2% in 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 during the period. Horizon Bancorp Inc. IN lifted its holdings in shares of Eaton by 321.7% in 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. Morse Asset Management Inc acquired a new stake in shares of Eaton in the third quarter worth approximately $33,000. West Financial Advisors LLC purchased a new position in Eaton during the third quarter worth approximately $35,000. Finally, DT Investment Partners LLC purchased a new stake in Eaton during the third quarter valued at about $37,000. Hedge funds and other 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.