Eaton (NYSE:ETN) Price Target Lowered to $350.00 at Wells Fargo & Company

Eaton (NYSE:ETN) had its target price dropped by investment analysts at Wells Fargo & Company from $370.00 to $350.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 4.55% from the company’s current price.

Several other research analysts also recently commented on the company. Jefferies Financial Group started coverage on Eaton in a research note on Monday, March 16th. They issued a “buy” rating and a $430.00 price objective on the stock. BMO Capital Markets initiated coverage on shares of Eaton in a research report on Friday, March 27th. They issued an “outperform” rating and a $428.00 price target for the company. Morgan Stanley restated an “overweight” rating and set a $425.00 price objective on shares of Eaton in a research report on Wednesday, February 4th. Barclays increased their price target on Eaton from $350.00 to $354.00 and gave the stock an “equal weight” rating in a research note on Monday, March 16th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $407.00 price objective on shares of Eaton in a research note on Wednesday, February 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $395.75.

Eaton Stock Performance

Shares of Eaton stock traded up $9.01 during trading hours on Wednesday, reaching $366.68. 622,856 shares of the stock traded hands, compared to its average volume of 2,905,198. The company has a 50 day moving average price of $362.80 and a 200 day moving average price of $356.06. Eaton has a one year low of $231.85 and a one year high of $408.45. The company has a quick ratio of 0.81, a current ratio of 1.32 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $142.27 billion, a price-to-earnings ratio of 35.05, a P/E/G ratio of 2.37 and a beta of 1.17.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, February 26th. The industrial products company reported $3.23 earnings per share (EPS) for the quarter. Eaton had a net margin of 14.89% and a return on equity of 25.00%. The company had revenue of $7.06 billion during the quarter. On average, equities research analysts expect that Eaton will post 12.02 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Sternadt Paulo Ruiz sold 10,707 shares of the business’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $390.26, for a total value of $4,178,513.82. Following the sale, the insider directly owned 27,729 shares in the company, valued at approximately $10,821,519.54. The trade was a 27.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.10% of the company’s stock.

Institutional Trading of Eaton

Hedge funds have recently modified their holdings of the company. Hilton Head Capital Partners LLC purchased a new position in shares of Eaton in the fourth quarter valued at $26,000. Sfam LLC bought a new stake in shares of Eaton in the 4th quarter worth about $27,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Eaton during the 4th quarter valued at about $28,000. Eagle Bay Advisors LLC purchased a new position in Eaton in the fourth quarter worth about $29,000. Finally, WFA of San Diego LLC purchased a new stake in Eaton during the second quarter valued at approximately $36,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

About Eaton

Eaton (NYSE: ETN) is a diversified power management company that designs, manufactures and distributes products and systems to manage electrical, hydraulic and mechanical power. The company’s offerings are used to improve energy efficiency, reliability and safety across a wide range of applications, with core capabilities in electrical distribution and control, industrial hydraulics and aerospace systems.

Its product portfolio includes switchgear, circuit breakers, transformers, power distribution units, uninterruptible power supplies and surge protection devices for electrical infrastructure, along with hydraulic pumps, valves and filtration systems for industrial and mobile equipment.