CIBC Private Wealth Group LLC Raises Stock Holdings in Eaton Co. plc (NYSE:ETN)

CIBC Private Wealth Group LLC grew its holdings in Eaton Co. plc (NYSE:ETN) by 19.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,716 shares of the industrial products company’s stock after buying an additional 5,314 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Eaton were worth $11,291,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. raised its position in Eaton by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after acquiring an additional 99,291 shares during the period. Geode Capital Management LLC raised its position in shares of Eaton by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock worth $2,665,342,000 after purchasing an additional 56,516 shares during the last quarter. Norges Bank purchased a new position in Eaton in the 4th quarter valued at about $1,495,582,000. Franklin Resources Inc. boosted its holdings in Eaton by 15.1% in the 3rd quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company’s stock worth $836,938,000 after buying an additional 316,830 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Eaton by 32.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock worth $801,798,000 after buying an additional 597,700 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ETN. Melius lowered Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a research note on Tuesday, January 28th. Royal Bank of Canada dropped their target price on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a report on Thursday, March 6th. Jefferies Financial Group decreased their price target on shares of Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Melius Research reiterated a “hold” rating and issued a $373.00 price objective on shares of Eaton in a report on Tuesday, January 28th. Finally, Citigroup lowered their target price on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Eight equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.16.

Eaton Price Performance

Shares of ETN opened at $271.98 on Tuesday. The firm has a 50-day simple moving average of $304.41 and a two-hundred day simple moving average of $331.44. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton Co. plc has a 1-year low of $255.65 and a 1-year high of $379.99. The stock has a market cap of $106.55 billion, a PE ratio of 28.63, a P/E/G ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN) last announced its 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 business earned $2.55 EPS. As a group, analysts forecast that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were issued a $1.04 dividend. The ex-dividend date was Monday, March 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.53%. This is a boost from Eaton’s previous quarterly dividend of $0.94. Eaton’s payout ratio is 43.79%.

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.