CIBC Asset Management Inc Increases Stake in Eaton Co. plc (NYSE:ETN)

CIBC Asset Management Inc lifted its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 8.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 58,133 shares of the industrial products company's stock after purchasing an additional 4,284 shares during the quarter. CIBC Asset Management Inc's holdings in Eaton were worth $19,268,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Capital World Investors raised its position in shares of Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company's stock valued at $998,255,000 after buying an additional 2,439,270 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Eaton by 27,075.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company's stock valued at $355,959,000 after purchasing an additional 1,070,024 shares in the last quarter. Swedbank AB bought a new position in shares of Eaton in the 2nd quarter valued at $225,974,000. Assenagon Asset Management S.A. raised its holdings in shares of Eaton by 1,604.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company's stock worth $211,201,000 after buying an additional 634,059 shares in the last quarter. Finally, Wulff Hansen & CO. boosted its stake in Eaton by 31,255.0% in the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company's stock valued at $149,928,000 after buying an additional 476,639 shares in the last quarter. Institutional investors own 82.97% of the company's stock.

Insider Buying and Selling at Eaton

In related news, Director Dorothy C. Thompson purchased 2,205 shares of Eaton stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares in the company, valued at $662,161.50. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Karenann K. Terrell bought 500 shares of Eaton stock in a transaction dated Wednesday, August 21st. The shares were bought at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the transaction, the director now directly owns 500 shares in the company, valued at approximately $149,485. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 68,705 shares of company stock worth $24,516,346. Corporate insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ETN. Evercore ISI downgraded Eaton from an "outperform" rating to an "inline" rating and boosted their target price for the stock from $333.00 to $389.00 in a research note on Wednesday. Barclays dropped their price objective on shares of Eaton from $327.00 to $320.00 and set an "equal weight" rating for the company in a research note on Friday, November 1st. Royal Bank of Canada reaffirmed an "outperform" rating and set a $374.00 target price on shares of Eaton in a research note on Friday, November 1st. Citigroup assumed coverage on Eaton in a research note on Monday, September 16th. They issued a "buy" rating and a $348.00 price target for the company. Finally, UBS Group began coverage on Eaton in a research report on Wednesday. They set a "buy" rating and a $431.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $357.83.

Eaton Stock Down 0.8 %

ETN stock traded down $2.87 during trading on Friday, reaching $358.99. 2,232,026 shares of the stock were exchanged, compared to its average volume of 2,112,767. Eaton Co. plc has a twelve month low of $224.52 and a twelve month high of $373.49. The firm's 50 day moving average is $335.82 and its 200 day moving average is $321.35. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a market cap of $141.87 billion, a P/E ratio of 38.19, a price-to-earnings-growth ratio of 2.96 and a beta of 1.01.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.47 earnings per share. As a group, research analysts forecast that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend is Monday, November 4th. Eaton's payout ratio is currently 40.00%.

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.