CIBC Asset Management Inc Increases Stock Position in Eaton Co. plc (NYSE:ETN)

CIBC Asset Management Inc lifted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 4.2% in the fourth quarter, HoldingsChannel reports. The firm owned 60,587 shares of the industrial products company’s stock after acquiring an additional 2,454 shares during the period. CIBC Asset Management Inc’s holdings in Eaton were worth $20,107,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Groupama Asset Managment raised its holdings in shares of Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 4,298 shares during the last quarter. Horizon Bancorp Inc. IN increased its position in Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 74 shares in the last quarter. Morse Asset Management Inc acquired a new position in Eaton in the 3rd quarter valued at about $33,000. Activest Wealth Management boosted its stake in shares of Eaton by 621.4% during the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 87 shares during the last quarter. Finally, DT Investment Partners LLC acquired a new stake in shares of Eaton during the 3rd quarter worth about $37,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of NYSE:ETN opened at $309.21 on Tuesday. The business’s 50-day simple moving average is $337.21 and its 200 day simple moving average is $331.89. The company has a market cap of $122.20 billion, a P/E ratio of 32.55, a PEG ratio of 2.37 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. Eaton Co. plc has a one year low of $255.65 and a one year high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings data 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 net margin of 15.25% and a return on equity of 22.62%. During the same quarter last year, the company earned $2.55 EPS. On average, sell-side analysts forecast that Eaton Co. plc will post 12.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on ETN shares. Bank of America upped their price objective on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Mizuho raised their price objective on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and upped their target price for the company from $333.00 to $389.00 in a research note on Wednesday, November 13th. Wells Fargo & Company decreased their price target on Eaton from $350.00 to $335.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Finally, JPMorgan Chase & Co. cut their price objective 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. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $369.20.

Insider Activity

In other Eaton news, Director Gregory R. Page sold 10,000 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the transaction, the director now directly owns 43,203 shares in the company, valued at $15,379,403.94. This represents a 18.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the sale, the insider now owns 31,200 shares in the company, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

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.