Oppenheimer Asset Management Inc. Purchases 1,313 Shares of Eaton Co. plc (NYSE:ETN)

Oppenheimer Asset Management Inc. raised its position in Eaton Co. plc (NYSE:ETN) by 2.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 51,020 shares of the industrial products company’s stock after acquiring an additional 1,313 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Eaton were worth $15,997,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. LifeSteps Financial Inc. acquired a new stake in shares of Eaton in the 1st quarter worth $25,000. Atwood & Palmer Inc. grew its stake in shares of Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares during the last quarter. Clear Investment Research LLC acquired a new position in shares of Eaton during the fourth quarter valued at about $29,000. Proffitt & Goodson Inc. purchased a new position in shares of Eaton in the 2nd quarter valued at approximately $29,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in Eaton during the 1st quarter worth approximately $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ETN has been the subject of a number of research analyst reports. Wells Fargo & Company reduced their target price on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Evercore ISI reduced their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Morgan Stanley began coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Raymond James reduced their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Finally, Royal Bank of Canada lowered their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Eaton has an average rating of “Moderate Buy” and a consensus target price of $335.18.

Insiders Place Their Bets

In other Eaton news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the sale, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 in the last ninety days. 0.53% of the stock is currently owned by corporate insiders.

Eaton Price Performance

NYSE:ETN opened at $305.67 on Friday. The firm has a market cap of $121.69 billion, a P/E ratio of 36.09, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01. The stock has a 50 day moving average of $300.56 and a two-hundred day moving average of $311.46. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. On average, analysts expect that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were issued a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.23%. Eaton’s payout ratio is 44.39%.

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.