BidaskClub Downgrades Eaton Corporation, PLC (NYSE:ETN) to Strong Sell

Eaton Corporation, PLC (NYSE:ETN) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Thursday.

Other research analysts also recently issued reports about the stock. Barclays PLC set a $81.00 price objective on shares of Eaton Corporation, PLC and gave the company a “hold” rating in a research report on Tuesday, May 2nd. Wolfe Research started coverage on shares of Eaton Corporation, PLC in a research report on Tuesday, July 11th. They set a “market perform” rating on the stock. Zacks Investment Research raised shares of Eaton Corporation, PLC from a “hold” rating to a “buy” rating and set a $87.00 price objective on the stock in a research report on Wednesday, July 5th. JMP Securities started coverage on shares of Eaton Corporation, PLC in a research report on Monday, June 19th. They set a “market perform” rating on the stock. Finally, ValuEngine raised shares of Eaton Corporation, PLC from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $78.54.

Shares of Eaton Corporation, PLC (ETN) traded down 0.24% during trading on Thursday, reaching $71.48. 1,294,693 shares of the company’s stock traded hands. The company’s 50-day moving average is $77.44 and its 200 day moving average is $75.02. Eaton Corporation, PLC has a 52-week low of $59.07 and a 52-week high of $81.63. The company has a market cap of $31.79 billion, a price-to-earnings ratio of 16.39 and a beta of 1.35.

Eaton Corporation, PLC (NYSE:ETN) last issued its earnings results on Tuesday, August 1st. The industrial products company reported $1.15 EPS for the quarter, missing the consensus estimate of $1.16 by $0.01. Eaton Corporation, PLC had a return on equity of 12.93% and a net margin of 9.95%. The firm had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the firm earned $1.07 earnings per share. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. Equities analysts forecast that Eaton Corporation, PLC will post $4.61 EPS for the current year.

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Several hedge funds have recently made changes to their positions in ETN. Cibc World Markets Corp boosted its stake in shares of Eaton Corporation, PLC by 34.6% in the second quarter. Cibc World Markets Corp now owns 63,203 shares of the industrial products company’s stock worth $4,919,000 after buying an additional 16,252 shares during the period. Harfst & Associates Inc. boosted its position in shares of Eaton Corporation, PLC by 21.8% in the second quarter. Harfst & Associates Inc. now owns 1,798 shares of the industrial products company’s stock worth $139,000 after buying an additional 322 shares during the last quarter. Pinebridge Investments L.P. boosted its position in shares of Eaton Corporation, PLC by 55.2% in the second quarter. Pinebridge Investments L.P. now owns 5,903 shares of the industrial products company’s stock worth $459,000 after buying an additional 2,099 shares during the last quarter. Pring Turner Capital Group Inc. boosted its position in shares of Eaton Corporation, PLC by 1.4% in the second quarter. Pring Turner Capital Group Inc. now owns 36,005 shares of the industrial products company’s stock worth $2,802,000 after buying an additional 490 shares during the last quarter. Finally, Acrospire Investment Management LLC boosted its position in shares of Eaton Corporation, PLC by 325.9% in the second quarter. Acrospire Investment Management LLC now owns 2,091 shares of the industrial products company’s stock worth $163,000 after buying an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 76.59% of the company’s stock.

Eaton Corporation, PLC Company Profile

Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.

Analyst Recommendations for Eaton Corporation, PLC (NYSE:ETN)

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