Nomura Asset Management Co. Ltd. Sells 23,213 Shares of Eaton Co. plc (NYSE:ETN)

Nomura Asset Management Co. Ltd. cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 10.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 195,171 shares of the industrial products company’s stock after selling 23,213 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Eaton were worth $64,687,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ETN. Great Valley Advisor Group Inc. raised its holdings in shares of Eaton by 50.4% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 4,377 shares of the industrial products company’s stock valued at $1,373,000 after buying an additional 1,467 shares in the last quarter. ORG Partners LLC bought a new stake in shares of Eaton in the 2nd quarter worth approximately $178,000. GPS Wealth Strategies Group LLC boosted its stake in shares of Eaton by 5.3% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 2,614 shares of the industrial products company’s stock valued at $820,000 after purchasing an additional 131 shares in the last quarter. Cornerstone Wealth Management LLC grew its holdings in shares of Eaton by 3.5% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,723 shares of the industrial products company’s stock valued at $540,000 after purchasing an additional 58 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft raised its position in Eaton by 5.6% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 11,300 shares of the industrial products company’s stock worth $3,543,000 after purchasing an additional 600 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

ETN opened at $364.09 on Tuesday. 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 has a market cap of $143.89 billion, a price-to-earnings ratio of 38.73, a price-to-earnings-growth ratio of 2.81 and a beta of 1.03. The stock has a fifty day simple moving average of $353.40 and a two-hundred day simple moving average of $325.99. Eaton Co. plc has a 12-month low of $231.84 and a 12-month high of $379.99.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. Eaton’s revenue was up 7.9% on a year-over-year basis. During the same period last year, the company posted $2.47 EPS. Research analysts predict that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Buying and Selling at Eaton

In other Eaton news, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the transaction, the director now directly owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the sale, the insider now owns 31,200 shares in the company, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,981 shares of company stock worth $24,100,317. 0.53% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ETN shares. Jefferies Financial Group raised their price objective on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Friday. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and lifted their price target for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Wells Fargo & Company increased their price objective on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $374.00 target price on shares of Eaton in a research note on Friday, November 1st. Finally, Barclays increased their price target on shares of Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $367.83.

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.