Eaton (NYSE:ETN) Downgraded by StockNews.com

Eaton (NYSE:ETN – Get Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

Several other equities research analysts have also issued reports on the stock. Barclays dropped their price objective on shares of Eaton from $155.00 to $145.00 in a research report on Wednesday, May 4th. Robert W. Baird lifted their price objective on shares of Eaton from $150.00 to $155.00 in a research note on Tuesday, May 3rd. Wells Fargo & Company lifted their price objective on shares of Eaton from $149.00 to $159.00 in a research note on Wednesday, May 4th. Mizuho dropped their price objective on shares of Eaton from $195.00 to $185.00 in a research note on Wednesday, May 4th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Eaton from $176.00 to $175.00 and set a “buy” rating on the stock in a research note on Thursday, April 14th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $173.13.

Shares of NYSE ETN opened at $140.98 on Wednesday. Eaton has a 52-week low of $139.12 and a 52-week high of $175.72. The firm has a fifty day moving average of $148.53 and a 200-day moving average of $158.82. The stock has a market capitalization of $56.25 billion, a PE ratio of 25.49, a P/E/G ratio of 1.78 and a beta of 1.15. The company has a quick ratio of 0.63, a current ratio of 0.99 and a debt-to-equity ratio of 0.41.

Eaton (NYSE:ETN – Get Rating) last released its quarterly earnings data on Tuesday, May 3rd. The industrial products company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.02. Eaton had a net margin of 11.21% and a return on equity of 16.92%. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the prior year, the business earned $1.44 earnings per share. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. Equities research analysts expect that Eaton will post 7.52 EPS for the current fiscal year.

In other Eaton news, insider Joao V. Faria sold 11,852 shares of the stock in a transaction that occurred on Tuesday, March 8th. The stock was sold at an average price of $150.00, for a total transaction of $1,777,800.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.56% of the company’s stock.

A number of hedge funds have recently modified their holdings of ETN. Moors & Cabot Inc. boosted its stake in Eaton by 46.4% in the third quarter. Moors & Cabot Inc. now owns 78,750 shares of the industrial products company’s stock valued at $83,000 after acquiring an additional 24,971 shares during the period. EagleClaw Capital Managment LLC boosted its stake in Eaton by 2.0% in the third quarter. EagleClaw Capital Managment LLC now owns 45,450 shares of the industrial products company’s stock valued at $6,788,000 after acquiring an additional 875 shares during the period. Los Angeles Capital Management LLC grew its position in Eaton by 3.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 4,464 shares of the industrial products company’s stock worth $667,000 after purchasing an additional 153 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Eaton by 2.8% in the third quarter. CIBC Asset Management Inc now owns 36,309 shares of the industrial products company’s stock valued at $5,421,000 after purchasing an additional 987 shares during the period. Finally, Parsons Capital Management Inc. RI boosted its position in shares of Eaton by 2.9% during the third quarter. Parsons Capital Management Inc. RI now owns 4,473 shares of the industrial products company’s stock worth $668,000 after buying an additional 127 shares during the period. Institutional investors own 79.10% of the company’s stock.

About Eaton (Get Rating)

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.

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