CIBC Asset Management Inc Buys 4,284 Shares of Eaton Co. plc (NYSE:ETN)

CIBC Asset Management Inc boosted its stake in shares of Eaton Co. plc (NYSE:ETN) by 8.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Breakwater Investment Management raised its holdings in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the period. Proffitt & Goodson Inc. bought a new position in shares of Eaton in the second quarter worth about $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton during the 2nd quarter worth about $33,000. West Financial Advisors LLC bought a new stake in Eaton in the 3rd quarter valued at $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new position in shares of Eaton during the second quarter valued at about $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Price Performance

Eaton stock opened at $358.99 on Friday. 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’s 50 day moving average is $334.34 and its 200-day moving average is $321.13. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $373.49. The company has a market capitalization of $141.87 billion, a price-to-earnings ratio of 38.19, a PEG 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 the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.47 earnings per share. Equities research analysts expect that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

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

Insider Transactions at Eaton

In other Eaton news, Director Karenann K. Terrell acquired 500 shares of the company’s 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 purchase, the director now directly owns 500 shares of the company’s stock, valued at $149,485. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction that occurred 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 owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The trade was a 44.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,705 shares of company stock worth $24,516,346. Insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on ETN shares. Morgan Stanley started coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Sanford C. Bernstein began coverage on shares of Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $374.00 price target on shares of Eaton in a research note on Friday, November 1st. Finally, Raymond James reduced their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Eaton has an average rating of “Moderate Buy” and a consensus target price of $357.83.

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.