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

Eaton (NYSE:ETN) had its price target decreased by research analysts at Wells Fargo & Company from $370.00 to $350.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective points to a potential downside of 4.55% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Eaton from $440.00 to $406.00 and set an “overweight” rating for the company in a research report on Friday, January 16th. BMO Capital Markets initiated coverage on shares of Eaton in a report on Friday, March 27th. They issued an “outperform” rating and a $428.00 price objective for the company. Morgan Stanley reaffirmed an “overweight” rating and set a $425.00 price objective on shares of Eaton in a research report on Wednesday, February 4th. UBS Group reissued a “neutral” rating and issued a $360.00 target price (down from $440.00) on shares of Eaton in a research report on Sunday, January 4th. Finally, HSBC raised Eaton from a “hold” rating to a “buy” rating and set a $400.00 price target on the stock in a research note on Friday, January 16th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Eaton presently has an average rating of “Moderate Buy” and a consensus target price of $395.75.

Eaton Trading Up 2.5%

NYSE:ETN traded up $9.01 during mid-day trading on Wednesday, reaching $366.68. 622,856 shares of the company’s 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. The firm has a market capitalization of $142.27 billion, a price-to-earnings ratio of 35.05, a PEG ratio of 2.37 and a beta of 1.17. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.32 and a quick ratio of 0.81. Eaton has a 12-month low of $231.85 and a 12-month high of $408.45.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, February 26th. The industrial products company reported $3.23 earnings per share for the quarter. The firm had revenue of $7.06 billion for the quarter. Eaton had a return on equity of 25.00% and a net margin of 14.89%. On average, sell-side analysts predict that Eaton will post 12.02 earnings per share for the current year.

Insider Buying and Selling

In other Eaton news, insider Sternadt Paulo Ruiz sold 10,707 shares of the firm’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $390.26, for a total transaction of $4,178,513.82. Following the completion of the sale, the insider directly owned 27,729 shares in the company, valued at approximately $10,821,519.54. This trade represents a 27.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.10% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brighton Jones LLC increased its holdings in shares of Eaton by 1.4% in the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company’s stock worth $1,109,000 after purchasing an additional 45 shares in the last quarter. Revolve Wealth Partners LLC raised its position in Eaton by 17.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company’s stock worth $303,000 after buying an additional 136 shares during the last quarter. Empowered Funds LLC lifted its stake in Eaton by 5.6% during the 1st quarter. Empowered Funds LLC now owns 9,402 shares of the industrial products company’s stock valued at $2,556,000 after acquiring an additional 496 shares during the period. Nicolet Bankshares Inc. grew its stake in shares of Eaton by 5.5% in the second quarter. Nicolet Bankshares Inc. now owns 5,774 shares of the industrial products company’s stock worth $2,061,000 after acquiring an additional 299 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new position in Eaton during the second quarter valued at approximately $104,000. 82.97% of the stock is owned by 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.