Eaton (NYSE:ETN) Price Target Cut to $333.00

Eaton (NYSE:ETN) had its price target cut by stock analysts at Evercore ISI from $357.00 to $333.00 in a report released on Monday, Benzinga reports. The firm currently has an “outperform” rating on the industrial products company’s stock. Evercore ISI’s price objective would suggest a potential upside of 12.41% from the company’s previous close.

Several other brokerages have also commented on ETN. Royal Bank of Canada reduced their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Raymond James began coverage on Eaton in a research report on Friday, June 28th. They set an “outperform” rating and a $375.00 price objective on the stock. Wells Fargo & Company reduced their price target on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. HSBC raised their price target on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Finally, JPMorgan Chase & Co. raised their price target on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $328.00.

Eaton Stock Performance

NYSE:ETN opened at $296.24 on Monday. The business’s 50-day moving average price is $309.24 and its two-hundred day moving average price is $309.46. Eaton has a twelve month low of $191.82 and a twelve month high of $345.19. The stock has a market cap of $118.44 billion, a P/E ratio of 34.98, a PEG ratio of 2.47 and a beta of 1.02. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.44.

Insider Activity

In other news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the transaction, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the transaction, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. EP Wealth Advisors LLC raised its stake in Eaton by 5.1% during the second quarter. EP Wealth Advisors LLC now owns 19,785 shares of the industrial products company’s stock valued at $6,204,000 after buying an additional 957 shares during the last quarter. Kimelman & Baird LLC bought a new stake in shares of Eaton in the 2nd quarter worth $187,000. B. Riley Wealth Advisors Inc. increased its holdings in shares of Eaton by 25.9% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock worth $8,657,000 after purchasing an additional 5,676 shares in the last quarter. Regal Investment Advisors LLC increased its holdings in shares of Eaton by 406.9% in the 2nd quarter. Regal Investment Advisors LLC now owns 9,485 shares of the industrial products company’s stock worth $2,974,000 after purchasing an additional 7,614 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Eaton in the 2nd quarter worth $84,000. Hedge funds and other institutional investors 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.