Eaton (NYSE:ETN) Price Target Cut to $305.00 by Analysts at Wells Fargo & Company

Eaton (NYSE:ETN) had its target price reduced by research analysts at Wells Fargo & Company from $335.00 to $305.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 7.80% from the company’s current price.

A number of other brokerages have also weighed in on ETN. Sanford C. Bernstein initiated coverage on shares of Eaton in a report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target on the stock. Barclays dropped their target price on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating for the company in a research report on Monday. Melius Research reaffirmed a “hold” rating and set a $373.00 price target on shares of Eaton in a research report on Tuesday, January 28th. Citigroup dropped their price objective on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, Jefferies Financial Group upped their price target on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Eaton has an average rating of “Moderate Buy” and an average target price of $363.15.

Eaton Trading Up 1.3 %

Shares of ETN stock traded up $3.71 during mid-day trading on Wednesday, hitting $282.93. 550,451 shares of the company’s stock were exchanged, compared to its average volume of 3,614,710. The stock has a 50-day simple moving average of $324.45 and a two-hundred day simple moving average of $332.49. Eaton has a fifty-two week low of $255.65 and a fifty-two week high of $379.99. The stock has a market cap of $111.81 billion, a price-to-earnings ratio of 29.78, a PEG ratio of 2.64 and a beta of 1.05. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter in the prior year, the company posted $2.55 earnings per share. Equities analysts expect that Eaton will post 12.02 EPS for the current fiscal year.

Insider Transactions at Eaton

In related news, 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 completion of the transaction, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. This trade represents a 18.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ETN. Vanguard Group Inc. increased its stake in Eaton by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock valued at $12,351,506,000 after purchasing an additional 99,291 shares during the last quarter. FMR LLC boosted its holdings in shares of Eaton by 1.2% in the 4th quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock valued at $5,051,807,000 after buying an additional 182,455 shares during the period. Geode Capital Management LLC grew its position in shares of Eaton by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock valued at $2,714,677,000 after buying an additional 129,071 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in Eaton by 4.3% in the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock worth $1,550,226,000 after acquiring an additional 192,482 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Eaton by 8.8% in the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock valued at $1,518,207,000 after acquiring an additional 368,241 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

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.