CIBC Asset Management Inc Has $19.27 Million Stake in Eaton Co. plc (NYSE:ETN)

CIBC Asset Management Inc boosted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 8.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 58,133 shares of the industrial products company’s stock after acquiring an additional 4,284 shares during the period. 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 have also recently made changes to their positions in the business. Legal & General Group Plc raised its stake in shares of Eaton by 0.6% in the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after purchasing an additional 18,077 shares during the last quarter. Capital World Investors boosted its holdings in Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after purchasing an additional 2,439,270 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Eaton by 2.9% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company’s stock worth $471,370,000 after buying an additional 40,078 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Eaton by 15.5% in the first quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock valued at $412,108,000 after acquiring an additional 176,571 shares in the last quarter. Finally, International Assets Investment Management LLC grew its stake in 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 during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Eaton news, Director Karenann K. Terrell bought 500 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, with a total value of $149,485.00. Following the transaction, the director now owns 500 shares in the company, valued at $149,485. 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 link. Also, insider Michael Yelton sold 3,136 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. This trade represents a 44.48 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,705 shares of company stock valued at $24,516,346. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Sanford C. Bernstein initiated coverage on shares of Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price for the company. Barclays dropped their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Royal Bank of Canada restated an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. Finally, UBS Group began coverage on shares of Eaton in a research note on Wednesday. They issued a “buy” rating and a $431.00 target price on the stock. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.83.

Eaton Trading Down 0.8 %

NYSE:ETN opened at $358.99 on Friday. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $373.49. The company has a 50-day moving average price of $334.34 and a 200-day moving average price of $321.13. 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 stock has a market cap of $141.87 billion, a price-to-earnings ratio of 38.19, a P/E/G ratio of 2.96 and a beta of 1.01.

Eaton (NYSE:ETN) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same period in the prior year, the firm earned $2.47 EPS. The company’s revenue was up 7.9% compared to the same quarter last year. Equities analysts predict that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. Eaton’s dividend payout ratio is currently 40.00%.

Eaton 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.