Eaton (NYSE:ETN) Lowered to “Inline” Rating by Evercore ISI

Eaton (NYSE:ETN) was downgraded by analysts at Evercore ISI from an “outperform” rating to an “inline” rating in a note issued to investors on Wednesday, Marketbeat reports. They currently have a $389.00 price objective on the industrial products company’s stock, up from their prior price objective of $333.00. Evercore ISI’s price objective indicates a potential upside of 7.50% from the company’s previous close.

ETN has been the topic of several other research reports. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Sanford C. Bernstein assumed coverage on shares of Eaton in a report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target for the company. Mizuho lifted their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Citigroup initiated coverage on shares of Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 target price for the company. Finally, Barclays decreased their price target on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus target price of $357.83.

Eaton Trading Down 2.1 %

NYSE:ETN opened at $361.85 on Wednesday. The stock has a market cap of $143.00 billion, a price-to-earnings ratio of 39.35, a PEG ratio of 2.96 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. Eaton has a 1 year low of $224.52 and a 1 year high of $373.49. The business has a fifty day moving average of $332.81 and a 200-day moving average of $320.84.

Eaton (NYSE:ETN) last announced its 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 firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the prior year, the firm posted $2.47 EPS. Eaton’s revenue was up 7.9% compared to the same quarter last year. Equities analysts predict that Eaton will post 10.79 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now directly owns 506,360 shares in the company, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Karenann K. Terrell purchased 500 shares of the stock in a transaction on Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 68,705 shares of company stock valued at $24,516,346 over the last ninety days. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

Hedge funds have recently bought and sold shares of the company. Capital World Investors increased its position in Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after buying an additional 2,439,270 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Eaton by 253.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock worth $753,590,000 after acquiring an additional 1,629,856 shares during the period. International Assets Investment Management LLC raised its stake in Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after purchasing an additional 1,070,024 shares during the last quarter. Swedbank AB bought a new stake in Eaton in the 2nd quarter valued at $225,974,000. Finally, Assenagon Asset Management S.A. grew its position in Eaton by 1,604.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after purchasing an additional 634,059 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

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.