Eaton (NYSE:ETN) Downgraded by StockNews.com to Hold

Eaton (NYSE:ETN) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

A number of other equities research analysts have also recently weighed in on the company. Melius Research restated a “hold” rating and issued a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Royal Bank of Canada decreased their price objective on Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a report on Thursday, March 6th. Evercore ISI decreased their price objective on Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a report on Wednesday, February 19th. Citigroup decreased their price objective on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Finally, Barclays decreased their price objective on Eaton from $353.00 to $325.00 and set an “equal weight” rating on the stock in a report on Monday, March 3rd. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $357.68.

Eaton Stock Up 0.1 %

Shares of Eaton stock traded up $0.35 on Friday, reaching $295.88. 3,188,236 shares of the company were exchanged, compared to its average volume of 2,403,404. Eaton has a one year low of $255.65 and a one year high of $379.99. The company has a 50-day moving average of $311.30 and a 200 day moving average of $331.08. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $115.92 billion, a price-to-earnings ratio of 31.14, a PEG ratio of 2.64 and a beta of 1.09.

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

Institutional Trading of Eaton

Large investors have recently bought and sold shares of the business. Capital A Wealth Management LLC acquired a new stake in Eaton in the fourth quarter valued at about $26,000. Flagship Wealth Advisors LLC acquired a new stake in Eaton in the fourth quarter valued at about $27,000. Noble Wealth Management PBC bought a new position in Eaton in the fourth quarter valued at about $30,000. Groupama Asset Managment raised its position in Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 4,298 shares during the last quarter. Finally, Horizon Bancorp Inc. IN raised its position 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 last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

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.