Eaton Co. plc (NYSE:ETN) Shares Sold by FUKOKU MUTUAL LIFE INSURANCE Co

FUKOKU MUTUAL LIFE INSURANCE Co lowered its stake in shares of Eaton Co. plc (NYSE:ETN) by 23.7% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,578 shares of the industrial products company’s stock after selling 800 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Eaton were worth $854,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. IAM Advisory LLC bought a new stake in shares of Eaton in the 2nd quarter worth approximately $599,000. Interval Partners LP lifted its stake in Eaton by 82.7% in the 2nd quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock valued at $47,571,000 after purchasing an additional 68,693 shares during the last quarter. Scientech Research LLC increased its position in shares of Eaton by 285.5% in the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock worth $1,801,000 after purchasing an additional 4,254 shares during the period. Prevail Innovative Wealth Advisors LLC acquired a new position in Eaton during the 1st quarter worth about $1,758,000. Finally, B. Riley Wealth Advisors Inc. grew its stake in shares of Eaton by 25.9% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock valued at $8,657,000 after buying an additional 5,676 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ETN. Citigroup began coverage on Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Barclays dropped their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Raymond James cut their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Sanford C. Bernstein assumed coverage on shares of Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective for the company. Finally, Wells Fargo & Company lifted their target price on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

Eaton Stock Down 2.1 %

Shares of ETN opened at $361.85 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $373.49. The stock has a fifty day simple moving average of $332.81 and a two-hundred day simple moving average of $320.84. The company has a market capitalization of $143.00 billion, a PE ratio of 38.49, a price-to-earnings-growth ratio of 2.96 and a beta of 1.01.

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

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.04%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Buying and Selling

In other news, Director Karenann K. Terrell bought 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was acquired at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the purchase, the director now owns 500 shares of the company’s stock, valued at $149,485. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the transaction, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 68,705 shares of company stock valued at $24,516,346 over the last quarter. Corporate insiders own 0.53% of the company’s stock.

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.