Eaton (NYSE:ETN) Price Target Cut to $315.00 by Analysts at Wells Fargo & Company

Eaton (NYSE:ETN) had its target price dropped by investment analysts at Wells Fargo & Company from $320.00 to $315.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 12.59% from the company’s current price.

Several other equities research analysts have also commented on ETN. Barclays boosted their price target on shares of Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday. JPMorgan Chase & Co. upped their price objective on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Mizuho reissued a “buy” rating and issued a $355.00 price objective (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Argus raised their price objective on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Jefferies Financial Group lifted their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $326.53.

Eaton Trading Down 6.1 %

NYSE ETN traded down $18.11 on Friday, hitting $279.77. The company’s stock had a trading volume of 3,346,348 shares, compared to its average volume of 2,139,644. Eaton has a 52-week low of $191.82 and a 52-week high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. The company’s 50-day simple moving average is $319.14 and its 200 day simple moving average is $304.78. The firm has a market cap of $111.85 billion, a P/E ratio of 33.03, a PEG ratio of 2.55 and a beta of 1.02.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.12. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. Research analysts predict that Eaton will post 10.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Peter Denk sold 2,416 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several institutional investors have recently bought and sold shares of ETN. Ballentine Partners LLC lifted its holdings in shares of Eaton by 3.6% during the fourth quarter. Ballentine Partners LLC now owns 3,984 shares of the industrial products company’s stock valued at $959,000 after purchasing an additional 137 shares during the last quarter. Clear Creek Financial Management LLC bought a new position in Eaton in the 4th quarter worth $215,000. Breakwater Capital Group boosted its holdings in shares of Eaton by 4.3% during the 4th quarter. Breakwater Capital Group now owns 2,253 shares of the industrial products company’s stock valued at $550,000 after purchasing an additional 93 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Eaton by 21,664.8% during the 4th quarter. International Assets Investment Management LLC now owns 316,242 shares of the industrial products company’s stock valued at $76,157,000 after purchasing an additional 314,789 shares during the last quarter. Finally, Arvest Trust Co. N A bought a new position in shares of Eaton in the 4th quarter valued at about $298,000. 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.