Eaton (NYSE:ETN) Downgraded by StockNews.com to “Hold”

Eaton (NYSE:ETN) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Friday.

Several other equities research analysts also recently commented on the company. KeyCorp upgraded Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price objective for the company in a report on Wednesday, March 12th. Barclays cut their target price on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating for the company in a research report on Monday, March 3rd. Melius Research restated a “hold” rating and issued a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Wells Fargo & Company lowered their target price on Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $357.68.

Eaton Stock Performance

Shares of Eaton stock opened at $295.88 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The stock has a market cap of $115.92 billion, a price-to-earnings ratio of 31.14, a PEG ratio of 2.64 and a beta of 1.09. Eaton has a 1 year low of $255.65 and a 1 year high of $379.99. The firm’s 50-day moving average is $311.30 and its 200 day moving average is $331.37.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share 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 last year, the company posted $2.55 earnings per share. Sell-side analysts anticipate that Eaton will post 12.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Eaton

Hedge funds have recently made changes to their positions in the business. Capital A Wealth Management LLC purchased a new position in Eaton in the 4th quarter worth approximately $26,000. Flagship Wealth Advisors LLC purchased a new position in Eaton during the fourth quarter valued at $27,000. Noble Wealth Management PBC purchased a new stake in Eaton in the 4th quarter worth $30,000. Horizon Bancorp Inc. IN boosted its holdings in shares of Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 74 shares during the last quarter. Finally, Morse Asset Management Inc bought a new stake in shares of Eaton in the third quarter worth about $33,000. 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.