TD Asset Management Inc. Raises Stock Holdings in Eaton Co. plc (NYSE:ETN)

TD Asset Management Inc. lifted its holdings in Eaton Co. plc (NYSE:ETN) by 13.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 303,099 shares of the industrial products company’s stock after buying an additional 35,589 shares during the quarter. TD Asset Management Inc. owned approximately 0.08% of Eaton worth $30,925,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ETN. Assenagon Asset Management S.A. purchased a new stake in shares of Eaton in the second quarter worth approximately $873,000. M&G Investment Management Ltd. increased its holdings in Eaton by 27.6% during the 2nd quarter. M&G Investment Management Ltd. now owns 6,135 shares of the industrial products company’s stock worth $534,000 after purchasing an additional 1,326 shares during the period. Banque Cantonale Vaudoise increased its holdings in Eaton by 11.3% during the 2nd quarter. Banque Cantonale Vaudoise now owns 11,954 shares of the industrial products company’s stock worth $1,047,000 after purchasing an additional 1,209 shares during the period. Janney Montgomery Scott LLC increased its holdings in Eaton by 0.4% during the 2nd quarter. Janney Montgomery Scott LLC now owns 277,112 shares of the industrial products company’s stock worth $24,242,000 after purchasing an additional 1,202 shares during the period. Finally, Leavell Investment Management Inc. increased its holdings in Eaton by 15.6% during the 2nd quarter. Leavell Investment Management Inc. now owns 4,934 shares of the industrial products company’s stock worth $432,000 after purchasing an additional 667 shares during the period. Hedge funds and other institutional investors own 77.55% of the company’s stock.

ETN has been the topic of several research reports. Citigroup raised their price objective on Eaton from $106.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, October 16th. Royal Bank of Canada raised their price objective on Eaton from $81.00 to $87.00 and gave the stock a “sector perform” rating in a report on Thursday, July 30th. Bank of America upgraded Eaton from a “neutral” rating to a “buy” rating and set a $135.00 price objective on the stock in a report on Wednesday, November 11th. Berenberg Bank initiated coverage on Eaton in a report on Thursday, August 20th. They set a “hold” rating and a $110.00 price objective on the stock. Finally, Barclays increased their target price on Eaton from $95.00 to $105.00 in a research report on Thursday, November 5th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $108.06.

In other news, insider Craig Arnold sold 171,163 shares of the business’s stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $116.96, for a total transaction of $20,019,224.48. Following the transaction, the insider now directly owns 391,525 shares in the company, valued at approximately $45,792,764. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Richard H. Fearon sold 40,550 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $102.01, for a total value of $4,136,505.50. Following the transaction, the insider now owns 151,834 shares in the company, valued at $15,488,586.34. The disclosure for this sale can be found here. Insiders own 0.54% of the company’s stock.

NYSE:ETN opened at $117.40 on Friday. Eaton Co. plc has a 12 month low of $56.42 and a 12 month high of $119.48. The stock has a 50 day moving average of $108.84 and a two-hundred day moving average of $96.45. The company has a current ratio of 1.49, a quick ratio of 1.11 and a debt-to-equity ratio of 0.48. The firm has a market cap of $46.80 billion, a P/E ratio of 34.53, a price-to-earnings-growth ratio of 2.34 and a beta of 1.11.

Eaton (NYSE:ETN) last issued its earnings results on Sunday, November 8th. The industrial products company reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.13. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.21 billion. Eaton had a return on equity of 11.94% and a net margin of 7.53%. The business’s revenue for the quarter was down 14.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.52 EPS. On average, research analysts forecast that Eaton Co. plc will post 4.14 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 20th. Stockholders of record on Friday, November 6th were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend was Thursday, November 5th. Eaton’s dividend payout ratio is currently 51.50%.

About Eaton

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, wiring devices, and structural support systems; and residential, single phase power quality, emergency lighting and fire detection, and circuit protection and lighting products.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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