Cibc World Markets Corp Purchases 8,297 Shares of Eaton Co. plc (NYSE:ETN)

Cibc World Markets Corp grew its position in Eaton Co. plc (NYSE:ETN) by 15.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,464 shares of the industrial products company’s stock after purchasing an additional 8,297 shares during the quarter. Cibc World Markets Corp’s holdings in Eaton were worth $20,730,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Eaton Price Performance

NYSE ETN opened at $297.31 on Tuesday. The firm’s fifty day simple moving average is $315.29 and its two-hundred day simple moving average is $331.78. The firm has a market capitalization of $116.54 billion, a P/E ratio of 31.30, a P/E/G 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. Eaton Co. plc has a 12-month low of $255.65 and a 12-month high of $379.99.

Eaton (NYSE:ETN) last announced its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, topping the consensus estimate 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 quarter in the prior year, the business posted $2.55 EPS. Analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be given a $1.04 dividend. This is a positive change from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a dividend yield of 1.40%. The ex-dividend date is Monday, March 10th. Eaton’s dividend payout ratio (DPR) is presently 43.79%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ETN shares. Barclays reduced their target price on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating on the stock in a research report on Monday, March 3rd. Melius Research reiterated a “hold” rating and issued a $373.00 target price on shares of Eaton in a report on Tuesday, January 28th. Wells Fargo & Company cut their price target on Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price objective on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Finally, Citigroup cut their target price on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $357.68.

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.