JPMorgan Chase & Co. Issues Pessimistic Forecast for Eaton (NYSE:ETN) Stock Price

Eaton (NYSE:ETN) had its price objective reduced by equities researchers at JPMorgan Chase & Co. from $350.00 to $289.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 1.59% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada reduced their price objective on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research note on Thursday, March 6th. Evercore ISI decreased their target price on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research note on Wednesday, February 19th. Citigroup dropped their price target on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. KeyCorp decreased their price objective on Eaton from $340.00 to $325.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, StockNews.com lowered shares of Eaton from a “buy” rating to a “hold” rating in a research note on Friday, March 21st. Eight 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, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $355.06.

Eaton Stock Up 13.1 %

Shares of NYSE ETN opened at $284.47 on Tuesday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $111.45 billion, a PE ratio of 29.94, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The firm’s 50-day moving average is $291.02 and its 200-day moving average is $327.97. Eaton has a 1 year low of $231.85 and a 1 year high of $379.99.

Eaton (NYSE:ETN) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 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 quarter last year, the firm posted $2.55 earnings per share. Equities analysts expect that Eaton will post 12.02 EPS for the current year.

Hedge Funds Weigh In On Eaton

A number of institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in Eaton during the 4th quarter valued at $1,495,582,000. GAMMA Investing LLC lifted its stake in shares of Eaton by 27,281.9% during the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock worth $976,772,000 after buying an additional 3,580,198 shares during the last quarter. Capital International Investors bought a new stake in shares of Eaton during the 4th quarter worth about $523,541,000. Proficio Capital Partners LLC grew its stake in Eaton by 42,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock valued at $243,036,000 after buying an additional 730,594 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC bought a new position in Eaton in the 4th quarter valued at about $231,552,000. Institutional investors and hedge funds 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.