Investment Management Corp of Ontario Purchases 5,159 Shares of Eaton Co. plc (NYSE:ETN)

Investment Management Corp of Ontario increased its holdings in Eaton Co. plc (NYSE:ETN) by 38.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,415 shares of the industrial products company’s stock after purchasing an additional 5,159 shares during the period. Investment Management Corp of Ontario’s holdings in Eaton were worth $6,111,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of ETN. Lighthouse Wealth Management Inc. bought a new stake in Eaton in the fourth quarter worth $297,000. Bearing Point Capital LLC purchased a new position in shares of Eaton during the 4th quarter worth about $2,713,000. Webster Bank N. A. grew its holdings in Eaton by 52.4% during the 4th quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock valued at $5,949,000 after purchasing an additional 6,166 shares during the last quarter. Ballentine Partners LLC raised its position in Eaton by 9.3% in the 4th quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock worth $3,072,000 after purchasing an additional 790 shares during the period. Finally, Blue Trust Inc. lifted its stake in Eaton by 13.2% in the fourth quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock worth $4,804,000 after purchasing an additional 1,694 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling

In other news, insider Craig Arnold sold 51,054 shares of the company’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the transaction, the insider now owns 489,444 shares of the company’s stock, valued at $149,490,880.92. This represents a 9.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider now directly owns 3,382 shares of the company’s stock, valued at $1,004,014.34. The trade was a 38.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Eaton Stock Up 1.0 %

NYSE ETN opened at $310.01 on Friday. The business has a fifty day moving average price of $282.81 and a 200 day moving average price of $320.13. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The company has a market cap of $121.31 billion, a P/E ratio of 32.63, a P/E/G ratio of 2.64 and a beta of 1.14. Eaton Co. plc has a one year low of $231.85 and a one year high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.02. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period last year, the firm posted $2.40 earnings per share. Research analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Monday, May 5th. Eaton’s dividend payout ratio is currently 41.98%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wells Fargo & Company reissued an “overweight” rating and issued a $355.00 price objective on shares of Eaton in a research report on Monday, May 5th. Citigroup upped their target price on Eaton from $323.00 to $351.00 and gave the stock a “buy” rating in a report on Monday, May 5th. JPMorgan Chase & Co. raised their price target on Eaton from $289.00 to $300.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Evercore ISI cut their price objective on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a report on Wednesday, February 19th. Finally, KeyCorp upped their target price on Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $361.13.

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.