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

Eaton (NYSE:ETN) had its target price dropped by investment analysts at Citigroup from $396.00 to $323.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Citigroup’s price target would indicate a potential upside of 16.59% from the stock’s previous close.

ETN has been the subject of a number of other research reports. Barclays lowered their price objective on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a research report on Friday, April 4th. Jefferies Financial Group decreased their target price on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Wells Fargo & Company cut their price target on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Evercore ISI cut their target price on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Eaton from $350.00 to $289.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Eaton presently has an average rating of “Moderate Buy” and an average price target of $350.22.

Eaton Trading Down 0.2 %

Shares of NYSE ETN traded down $0.48 during midday trading on Monday, reaching $277.05. 2,631,812 shares of the stock were exchanged, compared to its average volume of 2,622,094. The stock has a market capitalization of $108.54 billion, a P/E ratio of 29.16, a PEG ratio of 2.64 and a beta of 1.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The company has a 50 day simple moving average of $289.36 and a 200 day simple moving average of $327.18. Eaton has a twelve month low of $231.85 and a twelve month high of $379.99.

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

Institutional Investors Weigh In On Eaton

A number of institutional investors have recently made changes to their positions in ETN. Norges Bank acquired a new stake in shares of Eaton during the fourth quarter worth $1,495,582,000. GAMMA Investing LLC raised its stake in Eaton by 27,281.9% during the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock worth $976,772,000 after acquiring an additional 3,580,198 shares during the period. Capital International Investors bought a new position in Eaton in the fourth quarter worth about $523,541,000. Proficio Capital Partners LLC boosted its stake in Eaton by 42,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock valued at $243,036,000 after acquiring an additional 730,594 shares during the period. Finally, Leigh Baldwin & CO. LLC bought a new position in shares of Eaton during the fourth quarter valued at approximately $231,552,000. 82.97% of the stock is currently owned by institutional investors.

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.