Deutsche Bank Downgrades Eaton (NYSE:ETN) to Hold

Eaton (NYSE:ETN) was downgraded by Deutsche Bank from a “buy” rating to a “hold” rating in a report released on Wednesday, Marketbeat reports.

ETN has been the subject of several other research reports. Zacks Investment Research upgraded Eaton from a “sell” rating to a “hold” rating and set a $94.00 price objective for the company in a report on Thursday, October 31st. Vertical Group downgraded Eaton from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. HSBC lowered Eaton from a “buy” rating to a “hold” rating and reduced their target price for the company from $99.00 to $96.00 in a research report on Tuesday, November 12th. Vertical Research cut Eaton from a “buy” rating to a “hold” rating and set a $85.00 price target for the company. in a research note on Wednesday, October 9th. Finally, Credit Suisse Group raised their price target on Eaton from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $89.33.

Shares of Eaton stock opened at $91.86 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.72 and a debt-to-equity ratio of 0.52. The company has a market cap of $38.24 billion, a P/E ratio of 17.04, a PEG ratio of 1.85 and a beta of 1.44. The firm’s 50 day moving average price is $89.14 and its 200-day moving average price is $82.50. Eaton has a 52-week low of $64.46 and a 52-week high of $93.38.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, October 29th. The industrial products company reported $1.52 EPS for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.01. Eaton had a net margin of 11.06% and a return on equity of 15.15%. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the prior year, the company posted $1.43 earnings per share. Eaton’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, equities research analysts forecast that Eaton will post 5.73 EPS for the current fiscal year.

In related news, insider Joao V. Faria sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $86.89, for a total value of $86,890.00. Following the sale, the insider now owns 52,841 shares in the company, valued at $4,591,354.49. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael J. Critelli sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $92.00, for a total transaction of $920,000.00. Following the completion of the transaction, the director now owns 55,566 shares in the company, valued at approximately $5,112,072. The disclosure for this sale can be found here. Insiders sold a total of 78,988 shares of company stock valued at $7,121,888 in the last 90 days. 0.70% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in ETN. D.B. Root & Company LLC raised its position in Eaton by 3.1% during the third quarter. D.B. Root & Company LLC now owns 4,264 shares of the industrial products company’s stock valued at $354,000 after acquiring an additional 130 shares in the last quarter. Strategic Investment Advisors MI increased its holdings in shares of Eaton by 5.2% during the 3rd quarter. Strategic Investment Advisors MI now owns 2,691 shares of the industrial products company’s stock valued at $224,000 after purchasing an additional 134 shares in the last quarter. Chicago Equity Partners LLC increased its holdings in shares of Eaton by 5.3% during the 2nd quarter. Chicago Equity Partners LLC now owns 2,885 shares of the industrial products company’s stock valued at $240,000 after purchasing an additional 145 shares in the last quarter. Oakworth Capital Inc. lifted its stake in shares of Eaton by 10.7% in the 2nd quarter. Oakworth Capital Inc. now owns 1,527 shares of the industrial products company’s stock valued at $127,000 after purchasing an additional 148 shares during the period. Finally, Trust Investment Advisors lifted its stake in shares of Eaton by 1.4% in the 2nd quarter. Trust Investment Advisors now owns 10,740 shares of the industrial products company’s stock valued at $894,000 after purchasing an additional 150 shares during the period. 78.39% of the stock is currently owned by institutional investors and hedge funds.

About Eaton

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.

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