Eaton (NYSE:ETN) Stock Rating Lowered by StockNews.com

Eaton (NYSE:ETN) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

A number of other research analysts also recently commented on ETN. Citigroup upped their price objective on Eaton from $323.00 to $351.00 and gave the stock a “buy” rating in a research note on Monday, May 5th. Melius cut shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective on the stock. in a report on Tuesday, January 28th. Royal Bank of Canada lifted their price objective on shares of Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a research report on Monday, May 5th. Melius Research restated a “hold” rating and issued a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. Finally, Jefferies Financial Group cut their price target on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and an average price target of $361.13.

Eaton Trading Up 1.0%

Eaton stock opened at $310.01 on Friday. Eaton has a 1 year low of $231.85 and a 1 year high of $379.99. The firm’s 50-day moving average is $282.81 and its 200-day moving average is $319.96. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The company has a market cap of $121.31 billion, a P/E ratio of 32.63, a PEG ratio of 2.64 and a beta of 1.14.

Eaton (NYSE:ETN) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion for the quarter, compared to analysts’ expectations of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. Eaton’s revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company posted $2.40 earnings per share. On average, equities analysts expect that Eaton will post 12.02 earnings per share for the current year.

Insider Transactions at Eaton

In related news, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider now directly owns 3,382 shares in the company, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Craig Arnold sold 51,054 shares of the business’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the sale, the insider now directly owns 489,444 shares in the company, valued at $149,490,880.92. This trade represents a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Eaton

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Eaton in the fourth quarter worth approximately $1,495,582,000. GAMMA Investing LLC boosted its stake in Eaton by 27,281.9% in the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock worth $976,772,000 after purchasing an additional 3,580,198 shares during the period. Capital International Investors purchased a new position in Eaton during the 4th quarter worth approximately $523,541,000. Proficio Capital Partners LLC raised its stake in Eaton by 42,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock valued at $243,036,000 after purchasing an additional 730,594 shares during the period. Finally, Leigh Baldwin & CO. LLC purchased a new stake in shares of Eaton in the fourth quarter valued at $231,552,000. 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.