Daiwa Securities Group Inc. Has $35.32 Million Stake in Eaton Co. plc (NYSE:ETN)

by · The Cerbat Gem

Daiwa Securities Group Inc. grew its position in Eaton Co. plc (NYSE:ETN – Free Report) by 25.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 106,574 shares of the industrial products company’s stock after buying an additional 21,894 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Eaton were worth $35,322,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. IAM Advisory LLC bought a new stake in Eaton during the second quarter worth $599,000. Interval Partners LP boosted its stake in Eaton by 82.7% in the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock valued at $47,571,000 after buying an additional 68,693 shares in the last quarter. Scientech Research LLC grew its position in Eaton by 285.5% in the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock valued at $1,801,000 after acquiring an additional 4,254 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its stake in Eaton by 25.9% during the second quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock worth $8,657,000 after acquiring an additional 5,676 shares in the last quarter. Finally, Leavell Investment Management Inc. boosted its stake in shares of Eaton by 67.6% in the 2nd quarter. Leavell Investment Management Inc. now owns 8,556 shares of the industrial products company’s stock valued at $2,683,000 after purchasing an additional 3,452 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling

In other news, Director Dorothy C. Thompson purchased 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now owns 2,205 shares in the company, valued at $662,161.50. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $950,584.32. Following 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 disclosure for this sale can be found here. Insiders have sold a total of 68,705 shares of company stock valued at $24,516,346 over the last ninety days. 0.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of research analyst reports. Raymond James lowered their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Morgan Stanley assumed coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. UBS Group initiated coverage on Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective on the stock. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and increased their target price for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Finally, Sanford C. Bernstein began coverage on Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $357.83.

Check Out Our Latest Research Report on Eaton

Eaton Price Performance

ETN stock opened at $377.41 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. The company’s fifty day simple moving average is $342.75 and its 200 day simple moving average is $322.97. Eaton Co. plc has a 12-month low of $224.52 and a 12-month high of $378.00. The firm has a market cap of $149.15 billion, a price-to-earnings ratio of 40.15, a PEG ratio of 2.94 and a beta of 1.01.

Eaton (NYSE:ETN – Get Free Report) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.47 EPS. On average, analysts expect that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were paid a $0.94 dividend. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.00%. Eaton’s dividend payout ratio is currently 40.00%.

Eaton Profile

(Free Report)

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.

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