Wells Fargo & Company Issues Pessimistic Forecast for Eaton (NYSE:ETN) Stock Price

Eaton (NYSE:ETN) had its price objective decreased by equities research analysts at Wells Fargo & Company from $370.00 to $350.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price would suggest a potential downside of 3.07% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. HSBC raised Eaton from a “hold” rating to a “buy” rating and set a $400.00 target price on the stock in a research report on Friday, January 16th. Citigroup dropped their price target on shares of Eaton from $442.00 to $435.00 and set a “buy” rating on the stock in a research note on Monday, January 12th. Wolfe Research upgraded shares of Eaton from a “peer perform” rating to an “outperform” rating and set a $413.00 price objective for the company in a research report on Tuesday, December 9th. Royal Bank Of Canada restated an “outperform” rating and issued a $407.00 target price on shares of Eaton in a report on Wednesday, February 4th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $425.00 target price on shares of Eaton in a research report on Wednesday, February 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $395.05.

Eaton Price Performance

Eaton stock opened at $361.10 on Wednesday. The stock has a market cap of $140.10 billion, a P/E ratio of 34.52, a price-to-earnings-growth ratio of 2.52 and a beta of 1.17. The company has a fifty day simple moving average of $363.91 and a 200-day simple moving average of $356.16. The company has a current ratio of 1.32, a quick ratio of 0.81 and a debt-to-equity ratio of 0.45. Eaton has a 12-month low of $231.85 and a 12-month high of $408.45.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, February 26th. The industrial products company reported $3.23 earnings per share for the quarter. The company had revenue of $7.06 billion for the quarter. Eaton had a return on equity of 25.00% and a net margin of 14.89%. Equities analysts expect that Eaton will post 12.02 EPS for the current fiscal year.

Insider Activity at Eaton

In other news, insider Sternadt Paulo Ruiz sold 10,707 shares of Eaton stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $390.26, for a total value of $4,178,513.82. Following the transaction, the insider directly owned 27,729 shares of the company’s stock, valued at $10,821,519.54. The trade was a 27.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cornerstone Planning Group LLC raised its holdings in shares of Eaton by 9.3% in the third quarter. Cornerstone Planning Group LLC now owns 328 shares of the industrial products company’s stock valued at $126,000 after buying an additional 28 shares during the last quarter. MTM Investment Management LLC grew its holdings in shares of Eaton by 0.6% during the third quarter. MTM Investment Management LLC now owns 4,802 shares of the industrial products company’s stock worth $1,797,000 after buying an additional 29 shares during the last quarter. Pring Turner Capital Group Inc. increased its position in Eaton by 0.3% in the 4th quarter. Pring Turner Capital Group Inc. now owns 10,528 shares of the industrial products company’s stock valued at $3,353,000 after acquiring an additional 30 shares during the period. Correct Capital Wealth Management increased its position in Eaton by 0.9% in the 3rd quarter. Correct Capital Wealth Management now owns 3,477 shares of the industrial products company’s stock valued at $1,301,000 after acquiring an additional 31 shares during the period. Finally, Ellevest Inc. raised its stake in Eaton by 2.5% during the 4th quarter. Ellevest Inc. now owns 1,281 shares of the industrial products company’s stock valued at $408,000 after acquiring an additional 31 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

About Eaton

Eaton (NYSE: ETN) is a diversified power management company that designs, manufactures and distributes products and systems to manage electrical, hydraulic and mechanical power. The company’s offerings are used to improve energy efficiency, reliability and safety across a wide range of applications, with core capabilities in electrical distribution and control, industrial hydraulics and aerospace systems.

Its product portfolio includes switchgear, circuit breakers, transformers, power distribution units, uninterruptible power supplies and surge protection devices for electrical infrastructure, along with hydraulic pumps, valves and filtration systems for industrial and mobile equipment.