Oak Grove Capital LLC Makes New Investment in Eaton Corporation, PLC $ETN

Key Points

• Oak Grove Capital LLC acquired 2,000 shares of Eaton Corporation, PLC, valued at approximately $544,000, marking a new position in the company during the 1st quarter.
• Insider Olivier Leonetti sold 16,018 shares of Eaton, decreasing their ownership by 96.22% and netting over $5.7 million from the sale.
• Analysts have raised their price targets for Eaton, with projections now reaching as high as $425.00, reflecting a positive outlook on the company's performance.

Oak Grove Capital LLC purchased a new stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,000 shares of the industrial products company's stock, valued at approximately $544,000.

A number of other institutional investors also recently modified their holdings of ETN. Nuveen LLC bought a new stake in shares of Eaton in the first quarter valued at about $1,472,231,000. GAMMA Investing LLC lifted its holdings in shares of Eaton by 27,281.9% in the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock valued at $976,772,000 after purchasing an additional 3,580,198 shares in the last quarter. Capital International Investors acquired a new stake in shares of Eaton in the fourth quarter valued at about $523,541,000. Fayez Sarofim & Co increased its position in shares of Eaton by 606.3% in the first quarter. Fayez Sarofim & Co now owns 1,025,903 shares of the industrial products company's stock valued at $282,262,000 after acquiring an additional 880,656 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC acquired a new stake in shares of Eaton in the fourth quarter valued at about $231,552,000. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Performance

Shares of Eaton stock traded up $2.60 on Monday, hitting $353.63. The stock had a trading volume of 1,158,486 shares, compared to its average volume of 2,696,507. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. The stock has a market cap of $137.67 billion, a price-to-earnings ratio of 35.58, a price-to-earnings-growth ratio of 2.59 and a beta of 1.18. The business's 50 day moving average is $358.67 and its two-hundred day moving average is $318.89. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.03. The business had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.93 billion. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.73 earnings per share. Analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton's payout ratio is 41.85%.

Insider Activity

In related news, insider Olivier Leonetti sold 16,018 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $358.39, for a total value of $5,740,691.02. Following the completion of the sale, the insider directly owned 630 shares in the company, valued at approximately $225,785.70. The trade was a 96.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ETN shares. Morgan Stanley lifted their target price on Eaton from $375.00 to $425.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $396.00 target price on shares of Eaton in a research report on Monday, July 14th. Wall Street Zen downgraded Eaton from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. KeyCorp lifted their target price on Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Finally, BNP Paribas Exane initiated coverage on Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $383.63.

Eaton Company Profile

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.