Oppenheimer & Co. Inc. boosted its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 7.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 82,740 shares of the industrial products company's stock after buying an additional 5,585 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Eaton were worth $22,491,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Norden Group LLC boosted its stake in shares of Eaton by 3.4% during the fourth quarter. Norden Group LLC now owns 978 shares of the industrial products company's stock valued at $325,000 after purchasing an additional 32 shares during the period. Nwam LLC boosted its stake in shares of Eaton by 0.6% during the fourth quarter. Nwam LLC now owns 5,314 shares of the industrial products company's stock valued at $1,764,000 after purchasing an additional 34 shares during the period. Founders Financial Alliance LLC boosted its stake in shares of Eaton by 0.7% during 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 purchasing an additional 35 shares during the period. Sound View Wealth Advisors Group LLC boosted its stake in shares of Eaton by 1.1% during the fourth 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 period. Finally, Lantern Wealth Advisors LLC boosted its stake in shares of Eaton by 1.0% during the fourth 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 period. 82.97% of the stock is owned by hedge funds and other institutional investors.
Eaton Stock Up 3.2%
ETN traded up $10.60 during trading on Tuesday, reaching $343.55. The stock had a trading volume of 2,977,646 shares, compared to its average volume of 2,657,115. The stock's 50 day moving average is $313.24 and its two-hundred day moving average is $312.76. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $134.43 billion, a price-to-earnings ratio of 34.67, a P/E/G ratio of 2.58 and a beta of 1.16. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $379.99.
Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period last year, the company earned $2.40 earnings per share. The company's revenue was up 7.3% on a year-over-year basis. As a group, analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.
Eaton Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.21%. Eaton's payout ratio is presently 41.98%.
Insider Activity
In other news, insider Craig Arnold sold 51,054 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the completion of the transaction, the insider now directly owns 489,444 shares in the company, valued at $149,490,880.92. This trade represents a 9.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction on 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 now owns 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock worth $49,622,894 over the last three months. 0.30% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on ETN shares. JPMorgan Chase & Co. increased their price objective on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Morgan Stanley dropped their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Citigroup increased their price objective on Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Royal Bank Of Canada increased their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. Finally, BNP Paribas initiated coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat.com, Eaton has an average rating of "Moderate Buy" and an average target price of $368.78.
Check Out Our Latest Stock Report on Eaton
Eaton Company Profile
(
Free Report)
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.
Further Reading
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