Obermeyer Wealth Partners Acquires 127 Shares of Eaton Co. plc (NYSE:ETN)

Obermeyer Wealth Partners raised its stake in Eaton Co. plc (NYSE:ETN) by 1.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 9,468 shares of the industrial products company’s stock after acquiring an additional 127 shares during the period. Obermeyer Wealth Partners’ holdings in Eaton were worth $3,142,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ETN. Vanguard Group Inc. grew its position in shares of Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock valued at $12,351,506,000 after acquiring an additional 99,291 shares during the period. FMR LLC increased its stake in Eaton by 1.2% during the 4th quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock worth $5,051,807,000 after acquiring an additional 182,455 shares during the period. Geode Capital Management LLC raised its stake in Eaton by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock valued at $2,714,677,000 after purchasing an additional 129,071 shares in the last quarter. Northern Trust Corp boosted its position in shares of Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock worth $1,518,207,000 after acquiring an additional 368,241 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Eaton in the 4th quarter valued at $1,495,582,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Trading Up 4.0%

ETN opened at $322.30 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The business has a 50 day simple moving average of $283.50 and a two-hundred day simple moving average of $319.80. The firm has a market capitalization of $126.12 billion, a price-to-earnings ratio of 33.93, a PEG ratio of 2.64 and a beta of 1.14. Eaton Co. plc has a one year low of $231.85 and a one year high of $379.99.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same period last year, the business earned $2.40 EPS. Eaton’s quarterly revenue was up 7.3% compared to the same quarter last year. Analysts predict that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date is Monday, May 5th. Eaton’s payout ratio is 41.98%.

Insiders Place Their Bets

In other news, insider Craig Arnold sold 51,054 shares of the stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total value of $15,593,423.22. Following the completion of the sale, the insider now directly owns 489,444 shares of the company’s stock, valued at $149,490,880.92. This represents a 9.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the 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 sale, the insider now owns 3,382 shares of the company’s stock, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have weighed in on ETN shares. StockNews.com lowered shares of Eaton from a “buy” rating to a “hold” rating in a research report on Saturday. Evercore ISI cut their target price on Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a report on Wednesday, February 19th. Citigroup increased their price target on shares of Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a research report on Monday, May 5th. Wells Fargo & Company reiterated an “overweight” rating and issued a $355.00 price target on shares of Eaton in a research report on Monday, May 5th. Finally, KeyCorp lifted their price objective on Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $361.13.

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.