Eaton (NYSE:ETN) Downgraded to “Hold” at Deutsche Bank

Deutsche Bank lowered shares of Eaton (NYSE:ETN) from a buy rating to a hold rating in a report issued on Wednesday morning, 24/7 WallStreet reports.

Several other research analysts also recently commented on the company. HSBC downgraded Eaton from a buy rating to a hold rating and decreased their price objective for the stock from $99.00 to $96.00 in a report on Tuesday, November 12th. Zacks Investment Research upgraded Eaton from a sell rating to a hold rating and set a $94.00 target price for the company in a report on Thursday, October 31st. Credit Suisse Group raised their price target on Eaton from $89.00 to $94.00 and gave the stock an outperform rating in a research report on Wednesday, October 30th. Morgan Stanley set a $87.00 price target on Eaton and gave the stock a hold rating in a research note on Friday, November 1st. Finally, Oppenheimer upgraded Eaton from a market perform rating to an outperform rating and set a $95.00 price objective for the company in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $89.33.

Shares of ETN stock traded up $0.69 during trading hours on Wednesday, hitting $91.81. 99,629 shares of the company’s stock were exchanged, compared to its average volume of 2,343,233. The company has a market capitalization of $38.24 billion, a PE ratio of 17.01, a PEG ratio of 1.85 and a beta of 1.44. The company has a current ratio of 1.72, a quick ratio of 1.10 and a debt-to-equity ratio of 0.52. Eaton has a 12-month low of $64.46 and a 12-month high of $93.38. The business’s 50 day simple moving average is $88.95 and its 200-day simple moving average is $82.44.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, October 29th. The industrial products company reported $1.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.01. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.51 billion. Eaton had a net margin of 11.06% and a return on equity of 15.15%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.43 EPS. Equities analysts anticipate that Eaton will post 5.73 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 1st were issued a dividend of $0.71 per share. The ex-dividend date was Thursday, October 31st. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.09%. Eaton’s dividend payout ratio is currently 52.69%.

In other Eaton news, insider Joao V. Faria sold 1,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $86.89, for a total transaction of $86,890.00. Following the transaction, the insider now directly owns 52,841 shares of the company’s stock, valued at approximately $4,591,354.49. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Critelli sold 10,000 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $5,112,072. The disclosure for this sale can be found here. Insiders sold 78,988 shares of company stock worth $7,121,888 over the last three months. 0.70% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the company. Nuveen Asset Management LLC grew its stake in Eaton by 16,401.5% in the second quarter. Nuveen Asset Management LLC now owns 3,151,288 shares of the industrial products company’s stock worth $262,439,000 after purchasing an additional 3,132,191 shares during the period. AQR Capital Management LLC grew its position in shares of Eaton by 61.8% in the 2nd quarter. AQR Capital Management LLC now owns 3,988,837 shares of the industrial products company’s stock worth $331,074,000 after buying an additional 1,524,042 shares during the period. Invesco Ltd. grew its position in shares of Eaton by 28.1% in the 2nd quarter. Invesco Ltd. now owns 5,815,463 shares of the industrial products company’s stock worth $484,312,000 after buying an additional 1,276,325 shares during the period. Eaton Vance Management increased its stake in shares of Eaton by 501.2% in the 2nd quarter. Eaton Vance Management now owns 929,311 shares of the industrial products company’s stock worth $77,393,000 after acquiring an additional 774,731 shares in the last quarter. Finally, Lansdowne Partners UK LLP increased its stake in shares of Eaton by 507.5% in the 2nd quarter. Lansdowne Partners UK LLP now owns 892,699 shares of the industrial products company’s stock worth $74,344,000 after acquiring an additional 745,762 shares in the last quarter. 78.39% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Eaton (NYSE:ETN)

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