Oppenheimer Asset Management Inc. Has $11.10 Million Stake in Eaton Corporation, PLC (NYSE:ETN)

Oppenheimer Asset Management Inc. cut its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 12.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,842 shares of the industrial products company's stock after selling 5,971 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Eaton were worth $11,102,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norden Group LLC grew its stake in shares of Eaton by 3.4% in the fourth quarter. Norden Group LLC now owns 978 shares of the industrial products company's stock valued at $325,000 after buying an additional 32 shares in the last quarter. Nwam LLC grew its stake in shares of Eaton by 0.6% in the fourth quarter. Nwam LLC now owns 5,314 shares of the industrial products company's stock valued at $1,764,000 after buying an additional 34 shares in the last quarter. Founders Financial Alliance LLC grew its stake in shares of Eaton by 0.7% in the fourth quarter. Founders Financial Alliance LLC now owns 5,415 shares of the industrial products company's stock valued at $1,797,000 after buying an additional 35 shares in the last quarter. Sound View Wealth Advisors Group LLC lifted its holdings in Eaton by 1.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 3,587 shares of the industrial products company's stock valued at $1,190,000 after purchasing an additional 38 shares during the last quarter. Finally, Lantern Wealth Advisors LLC lifted its holdings in Eaton by 1.0% during the 4th quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock valued at $1,340,000 after purchasing an additional 38 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Eaton Price Performance

ETN stock traded down $0.54 during midday trading on Wednesday, reaching $342.72. The company had a trading volume of 1,929,515 shares, compared to its average volume of 2,658,519. The company has a market capitalization of $134.11 billion, a price-to-earnings ratio of 34.58, a price-to-earnings-growth ratio of 2.66 and a beta of 1.16. The stock has a 50 day moving average price of $314.71 and a 200-day moving average price of $312.97. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $379.99. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating analysts' consensus estimates 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%. Eaton's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.40 earnings per share. Equities research analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Wall Street Analyst Weigh In

ETN has been the subject of several research reports. Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a report on Sunday, May 18th. Citigroup raised their price target on Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a report on Monday, May 5th. KeyCorp raised their price target on Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Jefferies Financial Group cut their price target on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Finally, Barclays raised their price target on Eaton from $306.00 to $323.00 and gave the company an "equal weight" rating in a report on Monday, June 9th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Eaton presently has an average rating of "Moderate Buy" and a consensus target price of $368.78.

Insider Activity at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the transaction, the insider now owns 490,208 shares of the company's stock, valued at $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider now directly owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. The trade was 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. 0.30% of the stock is owned by corporate insiders.

About Eaton

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.