Eaton Corporation, PLC (ETN) Lowered to “Underperform” at Bank of America Corporation

Bank of America Corporation cut shares of Eaton Corporation, PLC (NYSE:ETN) from a buy rating to an underperform rating in a report published on Tuesday, Marketbeat reports.

A number of other brokerages also recently weighed in on ETN. Royal Bank Of Canada restated a hold rating and set a $78.00 price objective on shares of Eaton Corporation, PLC in a research report on Wednesday, July 12th. Wolfe Research began coverage on shares of Eaton Corporation, PLC in a research report on Tuesday, July 11th. They set a market perform rating on the stock. Stifel Nicolaus restated a hold rating and set a $80.00 price objective on shares of Eaton Corporation, PLC in a research report on Friday, July 7th. Citigroup Inc. increased their price objective on shares of Eaton Corporation, PLC from $88.00 to $90.00 and gave the company a buy rating in a research report on Friday, October 13th. Finally, BidaskClub downgraded shares of Eaton Corporation, PLC from a buy rating to a hold rating in a research report on Monday, July 24th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $81.38.

Shares of Eaton Corporation, PLC (NYSE:ETN) opened at 78.93 on Tuesday. The stock has a market cap of $35.11 billion, a price-to-earnings ratio of 18.09 and a beta of 1.36. The stock’s 50 day moving average is $76.53 and its 200 day moving average is $76.10. Eaton Corporation, PLC has a 52 week low of $59.07 and a 52 week high of $81.63.

Eaton Corporation, PLC (NYSE:ETN) last issued its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $1.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.16 by ($0.01). The company had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.14 billion. Eaton Corporation, PLC had a net margin of 9.95% and a return on equity of 12.93%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter last year, the company earned $1.07 EPS. On average, equities analysts forecast that Eaton Corporation, PLC will post $4.59 EPS for the current year.

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In other news, Director Deborah L. Mccoy sold 6,450 shares of the stock in a transaction on Monday, September 11th. The shares were sold at an average price of $73.17, for a total value of $471,946.50. Following the completion of the sale, the director now directly owns 46,386 shares of the company’s stock, valued at $3,394,063.62. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Guardian Life Insurance Co. of America increased its stake in shares of Eaton Corporation, PLC by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,742 shares of the industrial products company’s stock worth $129,000 after purchasing an additional 12 shares in the last quarter. Callahan Advisors LLC increased its stake in shares of Eaton Corporation, PLC by 0.6% in the second quarter. Callahan Advisors LLC now owns 12,132 shares of the industrial products company’s stock worth $944,000 after purchasing an additional 75 shares in the last quarter. First City Capital Management Inc. increased its stake in shares of Eaton Corporation, PLC by 0.6% in the first quarter. First City Capital Management Inc. now owns 17,365 shares of the industrial products company’s stock worth $1,288,000 after purchasing an additional 100 shares in the last quarter. Snow Capital Management LP increased its stake in shares of Eaton Corporation, PLC by 0.4% in the first quarter. Snow Capital Management LP now owns 34,532 shares of the industrial products company’s stock worth $2,561,000 after purchasing an additional 127 shares in the last quarter. Finally, Columbia Asset Management increased its stake in shares of Eaton Corporation, PLC by 4.4% in the first quarter. Columbia Asset Management now owns 3,550 shares of the industrial products company’s stock worth $263,000 after purchasing an additional 150 shares in the last quarter. 75.84% of the stock is owned by hedge funds and other institutional investors.

About Eaton Corporation, PLC

Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.

Analyst Recommendations for Eaton Corporation, PLC (NYSE:ETN)

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