Oppenheimer Asset Management Inc. Boosts Stake in Eaton Co. plc (NYSE:ETN)

Oppenheimer Asset Management Inc. lifted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 0.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 46,813 shares of the industrial products company’s stock after acquiring an additional 159 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Eaton were worth $15,536,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Eaton by 253.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock worth $753,590,000 after purchasing an additional 1,629,856 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Eaton by 32.8% during the third quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock worth $801,798,000 after buying an additional 597,700 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Eaton in the third quarter worth $137,794,000. Assenagon Asset Management S.A. raised its holdings in Eaton by 3,508.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 401,728 shares of the industrial products company’s stock valued at $133,321,000 after acquiring an additional 390,595 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in Eaton by 15.1% during the 3rd quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company’s stock valued at $836,938,000 after acquiring an additional 316,830 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Transactions at Eaton

In related news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the sale, the director now owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

ETN has been the subject of several research analyst reports. Bank of America boosted their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Mizuho lifted their price target on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Melius cut Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective on the stock. in a research note on Tuesday, January 28th. Barclays lifted their target price on Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Finally, Royal Bank of Canada reissued an “outperform” rating on shares of Eaton in a research report on Thursday, February 13th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $366.05.

Eaton Stock Down 2.4 %

ETN stock opened at $290.08 on Friday. The stock has a market cap of $114.64 billion, a PE ratio of 30.53, a price-to-earnings-growth ratio of 2.64 and a beta of 1.05. The firm’s 50-day simple moving average is $327.80 and its 200 day simple moving average is $332.26. Eaton Co. plc has a fifty-two week low of $255.65 and a fifty-two week high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same period last year, the company earned $2.55 EPS. As a group, sell-side analysts predict that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.43%. This is a positive change from Eaton’s previous quarterly dividend of $0.94. Eaton’s payout ratio is 39.58%.

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.