JPMorgan Chase & Co. Has Lowered Expectations for Eaton (NYSE:ETN) Stock Price

Eaton (NYSE:ETN) had its target price reduced by equities researchers at JPMorgan Chase & Co. from $350.00 to $348.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 2.42% from the company’s current price.

A number of other equities research analysts have also recently commented on ETN. 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. Jefferies Financial Group upped their target price on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Royal Bank of Canada upped their price objective on shares of Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Citigroup cut their target price on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research note on Monday. Finally, Barclays boosted their price target on Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $368.89.

Eaton Stock Performance

Shares of ETN opened at $339.79 on Wednesday. Eaton has a 12 month low of $236.04 and a 12 month high of $379.99. The stock has a fifty day moving average price of $355.38 and a 200-day moving average price of $329.33. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a market cap of $134.29 billion, a PE ratio of 36.15, a P/E/G ratio of 2.70 and a beta of 1.06.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the prior year, the business posted $2.47 EPS. Eaton’s revenue for the quarter was up 7.9% compared to the same quarter last year. Equities research analysts predict that Eaton will post 10.8 earnings per share for the current fiscal year.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the transaction, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gregory R. Page sold 4,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the sale, the director now owns 51,422 shares in the company, valued at $17,241,796.60. This trade represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,981 shares of company stock worth $27,660,117. 0.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Groupama Asset Managment lifted its stake in Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 4,298 shares during the last quarter. Horizon Bancorp Inc. IN increased its stake in 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 during the period. Morse Asset Management Inc acquired a new position in Eaton in the 3rd quarter valued at about $33,000. West Financial Advisors LLC purchased a new position in shares of Eaton in the 3rd quarter valued at approximately $35,000. Finally, DT Investment Partners LLC acquired a new stake in shares of Eaton during the third quarter worth $37,000. Institutional investors and hedge funds 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.