BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $22.11 Million Position in Eaton Co. plc (NYSE:ETN)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 12.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,713 shares of the industrial products company’s stock after selling 9,881 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Eaton were worth $22,111,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ETN. EverSource Wealth Advisors LLC lifted its holdings in Eaton by 14.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,230 shares of the industrial products company’s stock worth $392,000 after buying an additional 158 shares during the period. First Hawaiian Bank lifted its stake in shares of Eaton by 8.9% in the 2nd quarter. First Hawaiian Bank now owns 8,509 shares of the industrial products company’s stock valued at $2,668,000 after purchasing an additional 695 shares during the period. Moody National Bank Trust Division lifted its stake in shares of Eaton by 50.4% in the 2nd quarter. Moody National Bank Trust Division now owns 3,695 shares of the industrial products company’s stock valued at $1,159,000 after purchasing an additional 1,239 shares during the period. Versant Capital Management Inc lifted its stake in shares of Eaton by 278.2% in the 2nd quarter. Versant Capital Management Inc now owns 295 shares of the industrial products company’s stock valued at $92,000 after purchasing an additional 217 shares during the period. Finally, Bank & Trust Co acquired a new position in shares of Eaton in the 2nd quarter valued at about $86,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Citigroup assumed coverage on Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective on the stock. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Bank of America boosted their target price on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Morgan Stanley assumed coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Finally, Sanford C. Bernstein assumed coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 target price for the company. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.83.

Insider Activity

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the transaction, the insider now owns 31,200 shares in the company, valued at approximately $11,811,696. This represents a 4.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,981 shares of company stock valued at $24,100,317 over the last three months. Corporate insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Shares of ETN opened at $375.42 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The stock has a 50 day moving average price of $348.37 and a two-hundred day moving average price of $324.50. The firm has a market capitalization of $148.37 billion, a P/E ratio of 39.94, a P/E/G ratio of 2.84 and a beta of 1.01. Eaton Co. plc has a 52 week low of $224.61 and a 52 week high of $379.99.

Eaton (NYSE:ETN) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.47 earnings per share. Equities analysts forecast that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio is presently 40.00%.

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.