Eaton Co. plc (NYSE:ETN) Shares Bought by Cibc World Markets Corp

Cibc World Markets Corp grew its position in Eaton Co. plc (NYSE:ETN) by 15.3% during the fourth quarter, Holdings Channel reports. The firm owned 62,464 shares of the industrial products company’s stock after acquiring an additional 8,297 shares during the period. Cibc World Markets Corp’s holdings in Eaton were worth $20,730,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. United Bank purchased a new position in Eaton during the 3rd quarter worth approximately $258,000. GSA Capital Partners LLP purchased a new position in shares of Eaton during the third quarter worth $295,000. Thrivent Financial for Lutherans lifted its position in Eaton by 38.7% during the third quarter. Thrivent Financial for Lutherans now owns 80,187 shares of the industrial products company’s stock valued at $26,576,000 after purchasing an additional 22,367 shares during the period. Glass Wealth Management Co LLC boosted its holdings in Eaton by 31.5% in the third quarter. Glass Wealth Management Co LLC now owns 3,905 shares of the industrial products company’s stock valued at $1,294,000 after purchasing an additional 935 shares during the last quarter. Finally, Aljian Capital Management LLC acquired a new stake in Eaton during the 3rd quarter worth about $1,046,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Performance

ETN opened at $297.31 on Tuesday. Eaton Co. plc has a twelve month low of $255.65 and a twelve month high of $379.99. The firm has a market capitalization of $116.54 billion, a PE ratio of 31.30, a PEG ratio of 2.64 and a beta of 1.09. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The firm’s 50-day moving average price is $315.29 and its 200 day moving average price is $331.78.

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

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.40%. The ex-dividend date is Monday, March 10th. This is a positive change from Eaton’s previous quarterly dividend of $0.94. Eaton’s payout ratio is currently 43.79%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ETN. KeyCorp raised Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price objective for the company in a report on Wednesday, March 12th. Royal Bank of Canada lowered their price objective on Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research report on Thursday, March 6th. Jefferies Financial Group cut their target price on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. JPMorgan Chase & Co. lowered their price target on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Finally, Barclays cut their price objective on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating for the company in a report on Monday, March 3rd. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Eaton currently has an average rating of “Moderate Buy” and a consensus target price of $357.68.

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.