CIBC Private Wealth Group LLC Grows Position in Eaton Co. plc (NYSE:ETN)

CIBC Private Wealth Group LLC raised its position in Eaton Co. plc (NYSE:ETN) by 19.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,716 shares of the industrial products company’s stock after acquiring 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 institutional investors and hedge funds also recently added to or reduced their stakes in ETN. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton during the 4th quarter worth $27,000. Noble Wealth Management PBC purchased a new stake in Eaton during the 4th quarter worth about $30,000. Horizon Bancorp Inc. IN boosted its position in shares of 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 acquiring an additional 74 shares in the last quarter. Morse Asset Management Inc purchased a new position in shares of Eaton in the 3rd quarter valued at about $33,000. Finally, Murphy & Mullick Capital Management Corp acquired a new stake in shares of Eaton during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ETN shares. Wells Fargo & Company lowered their target price on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Jefferies Financial Group decreased their price objective on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. JPMorgan Chase & Co. cut their target price on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Melius cut Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price for the company. in a research report on Tuesday, January 28th. Finally, Evercore ISI cut their price target on Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $357.16.

Eaton Price Performance

ETN stock opened at $271.98 on Tuesday. The stock has a market capitalization of $106.55 billion, a price-to-earnings ratio of 28.63, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The stock’s fifty day simple moving average is $304.41 and its 200-day simple moving average is $331.44. Eaton Co. plc has a 52-week low of $255.65 and a 52-week high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating 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 period in the previous year, the business posted $2.55 earnings per share. Equities research analysts expect that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend was Monday, March 10th. This is a positive change from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio (DPR) is 43.79%.

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.