Canada Pension Plan Investment Board Has $18.41 Million Stock Holdings in Eaton Co. plc (NYSE:ETN)

Canada Pension Plan Investment Board reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 77.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 58,728 shares of the industrial products company’s stock after selling 204,681 shares during the period. Canada Pension Plan Investment Board’s holdings in Eaton were worth $18,414,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. LifeSteps Financial Inc. acquired a new stake in Eaton during the first quarter valued at approximately $25,000. Breakwater Investment Management boosted its stake in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares in the last quarter. Atwood & Palmer Inc. grew its position in Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares during the period. Clear Investment Research LLC acquired a new position in Eaton during the fourth quarter worth $29,000. Finally, Proffitt & Goodson Inc. bought a new position in shares of Eaton during the second quarter valued at $29,000. Institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dorothy C. Thompson acquired 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the purchase, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 52,511 shares of company stock worth $15,809,326. Insiders own 0.53% of the company’s stock.

Eaton Stock Up 0.5 %

Shares of NYSE ETN opened at $330.60 on Monday. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The firm’s 50-day moving average is $299.93 and its 200-day moving average is $312.71. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $132.17 billion, a PE ratio of 39.03, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. Equities analysts expect that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is 44.39%.

Wall Street Analysts Forecast Growth

ETN has been the topic of several analyst reports. Morgan Stanley started coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price on the stock. Raymond James dropped their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Jefferies Financial Group increased their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Evercore ISI cut their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Finally, Citigroup started coverage on Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $337.41.

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.