Eaton Co. plc (NYSE:ETN) Shares Sold by Mizuho Securities USA LLC

Mizuho Securities USA LLC cut its holdings in shares of Eaton Co. plc (NYSE:ETN) by 16.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,815 shares of the industrial products company’s stock after selling 5,010 shares during the quarter. Mizuho Securities USA LLC’s holdings in Eaton were worth $8,556,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Breakwater Investment Management raised its stake in shares of Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares during the period. Proffitt & Goodson Inc. acquired a new position in shares of Eaton in the 2nd quarter valued at $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton in the 2nd quarter valued at $33,000. West Financial Advisors LLC acquired a new position in shares of Eaton in the 3rd quarter valued at $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in Eaton during the 2nd quarter worth $37,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

Shares of Eaton stock opened at $360.46 on Thursday. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $339.96 and its two-hundred day moving average price is $322.31. Eaton Co. plc has a 52 week low of $224.52 and a 52 week high of $373.49. The stock has a market cap of $142.45 billion, a PE ratio of 38.35, a price-to-earnings-growth ratio of 2.89 and a beta of 1.01.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.47 EPS. As a group, sell-side analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.04%. Eaton’s payout ratio is 40.00%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Morgan Stanley began coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price target for the company. UBS Group assumed coverage on shares of Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price for the company. Evercore ISI cut shares of Eaton from an “outperform” rating to an “inline” rating and raised their price target for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Bank of America raised their price target on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $357.83.

Insider Activity at Eaton

In other news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. The trade was a 44.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,705 shares of company stock valued at $24,516,346. 0.53% of the stock is owned by corporate insiders.

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.