Bank of Montreal Can Trims Position in Eaton Co. plc (NYSE:ETN)

Bank of Montreal Can lowered its stake in Eaton Co. plc (NYSE:ETN) by 25.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 427,697 shares of the industrial products company’s stock after selling 146,689 shares during the quarter. Bank of Montreal Can owned about 0.11% of Eaton worth $138,091,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of ETN. Vanguard Group Inc. raised its stake in shares of Eaton by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after purchasing an additional 259,615 shares during the period. Coatue Management LLC increased its stake in Eaton by 5.2% during the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after buying an additional 195,809 shares during the period. Capital World Investors lifted its holdings in Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after buying an additional 2,439,270 shares in the last quarter. TD Asset Management Inc lifted its holdings in Eaton by 19.9% in the 4th quarter. TD Asset Management Inc now owns 2,029,795 shares of the industrial products company’s stock worth $488,815,000 after buying an additional 337,351 shares in the last quarter. Finally, Stifel Financial Corp boosted its position in Eaton by 1.3% in the 4th quarter. Stifel Financial Corp now owns 1,480,444 shares of the industrial products company’s stock valued at $356,535,000 after buying an additional 19,529 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ETN. Evercore ISI cut their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Citigroup assumed coverage on Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 price objective on the stock. Barclays increased their target price on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Royal Bank of Canada dropped their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Raymond James reduced their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $337.41.

Eaton Stock Down 0.3 %

Shares of Eaton stock opened at $329.69 on Tuesday. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The stock has a market capitalization of $131.81 billion, a price-to-earnings ratio of 38.92, a PEG ratio of 2.28 and a beta of 1.01. 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 business’s 50 day simple moving average is $299.99 and its 200-day simple moving average is $312.91.

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

Eaton Dividend Announcement

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

Insider Buying and Selling at Eaton

In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of Eaton stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Dorothy C. Thompson acquired 2,205 shares of the business’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 completion of the purchase, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is owned by company insiders.

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.