Eaton (NYSE:ETN) Downgraded to “Hold” Rating by Melius

Melius cut shares of Eaton (NYSE:ETN) from a buy rating to a hold rating in a research report report published on Tuesday, Marketbeat Ratings reports. The brokerage currently has $373.00 price target on the industrial products company’s stock.

ETN has been the topic of several other research reports. Bank of America raised their target price on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Wells Fargo & Company decreased their target price on Eaton from $365.00 to $350.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and raised their target price for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Jefferies Financial Group lifted their price objective on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Citigroup reduced their price objective on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $369.30.

Eaton Trading Up 0.2 %

Shares of NYSE:ETN opened at $312.26 on Tuesday. The business’s 50-day moving average is $353.01 and its 200 day moving average is $331.34. Eaton has a 1 year low of $244.35 and a 1 year high of $379.99. The firm has a market capitalization of $123.41 billion, a P/E ratio of 33.22, a P/E/G 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 announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The company 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%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.47 EPS. On average, research analysts predict that Eaton will post 10.79 earnings per share for the current fiscal year.

Insider Activity at Eaton

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction on 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 transaction, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction dated Friday, December 13th. The stock was 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 of the company’s stock, valued at $15,379,403.94. This trade represents a 18.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,981 shares of company stock worth $27,660,117. Company insiders own 0.53% of the company’s stock.

Institutional Trading of Eaton

A number of institutional investors have recently bought and sold shares of the business. Canvas Wealth Advisors LLC lifted its holdings in Eaton by 4.0% during the 4th quarter. Canvas Wealth Advisors LLC now owns 1,129 shares of the industrial products company’s stock worth $375,000 after buying an additional 43 shares during the last quarter. Activest Wealth Management lifted its holdings in shares of Eaton by 621.4% in the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 87 shares during the last quarter. Washburn Capital Management Inc. purchased a new stake in shares of Eaton in the 4th quarter valued at about $209,000. Kestra Private Wealth Services LLC lifted its holdings in shares of Eaton by 12.5% in the 4th quarter. Kestra Private Wealth Services LLC now owns 40,119 shares of the industrial products company’s stock valued at $13,314,000 after purchasing an additional 4,460 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Eaton by 7.2% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 445,706 shares of the industrial products company’s stock valued at $147,916,000 after purchasing an additional 29,963 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

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.