Eaton (NYSE:ETN) Price Target Lowered to $323.00 at Citigroup

Eaton (NYSE:ETN) had its price objective reduced by stock analysts at Citigroup from $396.00 to $323.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Citigroup’s price target points to a potential upside of 16.59% from the stock’s current price.

A number of other brokerages have also recently commented on ETN. Jefferies Financial Group reduced their price target on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. KeyCorp lowered their price target on shares of Eaton from $340.00 to $325.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Royal Bank of Canada reduced their price objective on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a research note on Thursday, March 6th. Wells Fargo & Company decreased their price objective on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Finally, Melius lowered Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target for the company. in a research note on Tuesday, January 28th. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $350.22.

Eaton Stock Performance

ETN stock traded down $0.48 during trading on Monday, reaching $277.05. The stock had a trading volume of 2,631,812 shares, compared to its average volume of 2,622,094. The stock’s 50 day moving average is $289.36 and its two-hundred day moving average is $327.18. The firm has a market cap of $108.54 billion, a PE ratio of 29.16, a PEG ratio of 2.64 and a beta of 1.09. Eaton has a 52 week low of $231.85 and a 52 week high of $379.99. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same period in the prior year, the business earned $2.55 EPS. As a group, equities analysts anticipate that Eaton will post 12.02 earnings per share for the current year.

Institutional Investors Weigh In On Eaton

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Eaton by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after buying an additional 99,291 shares during the period. FMR LLC grew its position in Eaton by 1.2% during the 4th quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock worth $5,051,807,000 after purchasing an additional 182,455 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Eaton by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock valued at $2,714,677,000 after buying an additional 129,071 shares during the period. Nuveen Asset Management LLC raised its position in Eaton by 4.3% during the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock valued at $1,550,226,000 after acquiring an additional 192,482 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Eaton by 8.8% in the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock valued at $1,518,207,000 after acquiring an additional 368,241 shares during the period. Institutional investors 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.