Bank of Montreal Can Purchases 68,247 Shares of Eaton Co. plc (NYSE:ETN)

Bank of Montreal Can raised its position in Eaton Co. plc (NYSE:ETN) by 16.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 495,944 shares of the industrial products company’s stock after purchasing an additional 68,247 shares during the period. Bank of Montreal Can’s holdings in Eaton were worth $162,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Breakwater Investment Management increased its position in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the period. Proffitt & Goodson Inc. acquired a new stake in shares of Eaton in the second quarter valued at approximately $29,000. LGT Financial Advisors LLC bought a new stake in shares of Eaton in the second quarter valued at approximately $33,000. West Financial Advisors LLC acquired a new stake in Eaton during the third quarter worth approximately $35,000. Finally, DT Investment Partners LLC bought a new position in Eaton during the 3rd quarter worth $37,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ETN shares. Sanford C. Bernstein started coverage on Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price on the stock. Morgan Stanley started coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective on the stock. Citigroup started coverage on shares of Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 target price for the company. Mizuho lifted their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Royal Bank of Canada restated an “outperform” rating and set a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

Insider Activity

In other news, insider Craig Arnold sold 61,569 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the sale, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dorothy C. Thompson bought 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 68,705 shares of company stock valued at $24,516,346. Company insiders own 0.33% of the company’s stock.

Eaton Stock Performance

Eaton stock opened at $376.56 on Tuesday. The business has a 50 day moving average of $344.15 and a 200-day moving average of $323.22. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $379.12. The company has a market capitalization of $148.81 billion, a P/E ratio of 40.06, a P/E/G ratio of 2.99 and a beta of 1.01.

Eaton (NYSE:ETN) last released its quarterly 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. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter last year, the firm earned $2.47 earnings per share. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities research analysts predict that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.00%. Eaton’s dividend payout ratio (DPR) 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.