Eaton Corporation, PLC (NYSE:ETN) Shares Bought by Obermeyer Wealth Partners

Obermeyer Wealth Partners increased its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 13.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,702 shares of the industrial products company's stock after buying an additional 1,234 shares during the quarter. Obermeyer Wealth Partners' holdings in Eaton were worth $2,909,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Eaton during the fourth quarter worth $1,495,582,000. GAMMA Investing LLC grew its position in Eaton by 27,281.9% during the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after purchasing an additional 3,580,198 shares in the last quarter. Capital International Investors purchased a new stake in shares of Eaton during the fourth quarter worth $523,541,000. Leigh Baldwin & CO. LLC bought a new stake in Eaton in the fourth quarter worth approximately $231,552,000. Finally, Janus Henderson Group PLC boosted its position in Eaton by 24.3% during the fourth quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock worth $998,144,000 after purchasing an additional 588,370 shares during the period. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Buying and Selling

In other news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the transaction, the insider directly owned 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider owned 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock valued at $49,622,894 over the last quarter. Company insiders own 0.30% of the company's stock.

Eaton Price Performance

Eaton stock opened at $373.71 on Tuesday. The business's fifty day moving average is $339.29 and its two-hundred day moving average is $314.57. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $384.51. The firm has a market cap of $146.23 billion, a P/E ratio of 37.71, a P/E/G ratio of 2.86 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.70 by $0.02. The business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm's revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.40 EPS. Equities research analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ETN has been the subject of a number of research analyst reports. Morgan Stanley reduced their price target on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. JPMorgan Chase & Co. boosted their target price on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Royal Bank Of Canada boosted their price target on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Citigroup raised their price objective on Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Finally, Barclays boosted their target price on shares of Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $377.89.

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.

Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Corporation, PLC (NYSE:ETN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.