Daiwa Securities Group Inc. cut its holdings in shares of Eaton Co. PLC (NYSE:ETN) by 35.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,547 shares of the industrial products company’s stock after selling 16,447 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Eaton were worth $2,649,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Financial Architects Inc increased its holdings in Eaton by 2,675.0% in the 3rd quarter. Financial Architects Inc now owns 1,221 shares of the industrial products company’s stock worth $106,000 after acquiring an additional 1,177 shares during the last quarter. Reilly Financial Advisors LLC increased its holdings in Eaton by 145.3% in the 3rd quarter. Reilly Financial Advisors LLC now owns 1,266 shares of the industrial products company’s stock worth $110,000 after acquiring an additional 750 shares during the last quarter. Zions Bancorporation purchased a new stake in Eaton in the 2nd quarter worth about $113,000. Fort L.P. purchased a new stake in Eaton in the 2nd quarter worth about $116,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in Eaton in the 2nd quarter worth about $123,000. 77.29% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts recently weighed in on ETN shares. UBS Group raised Eaton from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $91.00 to $100.00 in a report on Friday, September 21st. Deutsche Bank lifted their price objective on Eaton from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, September 28th. Morgan Stanley started coverage on Eaton in a report on Monday, August 20th. They issued an “equal weight” rating and a $86.00 price objective for the company. Credit Suisse Group started coverage on Eaton in a report on Friday, October 12th. They issued an “outperform” rating and a $91.00 price objective for the company. Finally, Wells Fargo & Co reissued a “buy” rating on shares of Eaton in a report on Wednesday, September 26th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $86.12.
Shares of NYSE ETN opened at $73.43 on Friday. Eaton Co. PLC has a 52 week low of $67.70 and a 52 week high of $89.85. The company has a quick ratio of 0.96, a current ratio of 1.49 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $32.63 billion, a price-to-earnings ratio of 15.79, a P/E/G ratio of 1.37 and a beta of 1.49.
Eaton (NYSE:ETN) last issued its earnings results on Tuesday, October 30th. The industrial products company reported $1.43 EPS for the quarter, hitting the consensus estimate of $1.43. Eaton had a return on equity of 13.48% and a net margin of 10.06%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.49 billion. During the same quarter last year, the company earned $1.25 EPS. The firm’s revenue was up 3.9% compared to the same quarter last year. On average, equities analysts forecast that Eaton Co. PLC will post 5.35 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Shareholders of record on Friday, November 2nd will be paid a $0.66 dividend. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $2.64 annualized dividend and a yield of 3.60%. Eaton’s dividend payout ratio is currently 56.77%.
In other Eaton news, insider Revathi Advaithi sold 15,500 shares of the firm’s stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $82.98, for a total value of $1,286,190.00. Following the completion of the transaction, the insider now owns 24,715 shares in the company, valued at approximately $2,050,850.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Richard H. Fearon sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $83.29, for a total value of $2,082,250.00. Following the completion of the transaction, the insider now owns 221,459 shares of the company’s stock, valued at approximately $18,445,320.11. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,000 shares of company stock valued at $4,617,645. 0.50% of the stock is owned by corporate insiders.
Eaton Company Profile
Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
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