Eaton (NYSE:ETN) Price Target Cut to $350.00 by Analysts at Wells Fargo & Company

Eaton (NYSE:ETN) had its price target decreased by Wells Fargo & Company from $365.00 to $350.00 in a report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the industrial products company’s stock.

A number of other research analysts have also issued reports on ETN. Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Bank of America increased their target price on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Sanford C. Bernstein assumed coverage on Eaton in a report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target for the company. Citigroup upped their price objective on Eaton from $394.00 to $440.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Jefferies Financial Group raised their target price on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a report on Friday, December 6th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $369.28.

Eaton Stock Performance

NYSE ETN opened at $343.77 on Tuesday. The business’s 50-day moving average price is $354.69 and its 200 day moving average price is $328.46. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The firm has a market cap of $135.86 billion, a P/E ratio of 36.57, a P/E/G ratio of 2.74 and a beta of 1.06. Eaton has a 52-week low of $234.20 and a 52-week high of $379.99.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the company earned $2.47 earnings per share. On average, equities research analysts expect that Eaton will post 10.8 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.09%. Eaton’s dividend payout ratio is presently 40.00%.

Insider Buying and Selling

In related news, Director Gregory R. Page sold 4,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the transaction, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of Eaton 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 sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,981 shares of company stock worth $27,660,117 in the last ninety days. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Eaton

Several hedge funds have recently made changes to their positions in the business. Strategic Wealth Partners Ltd. boosted its stake in Eaton by 3.0% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock worth $340,000 after buying an additional 30 shares during the last quarter. Fairfield Financial Advisors LTD grew its holdings in Eaton by 16.2% in the third quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock valued at $71,000 after purchasing an additional 30 shares during the period. Venturi Wealth Management LLC increased its position in Eaton by 2.1% during the third quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock worth $513,000 after purchasing an additional 32 shares during the last quarter. Austin Private Wealth LLC raised its stake in Eaton by 3.7% during the third quarter. Austin Private Wealth LLC now owns 929 shares of the industrial products company’s stock worth $308,000 after purchasing an additional 33 shares during the period. Finally, Smithfield Trust Co boosted its holdings in shares of Eaton by 0.6% in the 3rd quarter. Smithfield Trust Co now owns 5,390 shares of the industrial products company’s stock valued at $1,789,000 after purchasing an additional 33 shares during the last quarter. 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.