Dai ichi Life Insurance Company Ltd Sells 36,814 Shares of Eaton Co. plc (NYSE:ETN)

Dai ichi Life Insurance Company Ltd decreased its position in shares of Eaton Co. plc (NYSE:ETN) by 53.7% during the third quarter, Holdings Channel reports. The fund owned 31,722 shares of the industrial products company’s stock after selling 36,814 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Eaton were worth $10,514,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in shares of Eaton by 1.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 576,657 shares of the industrial products company’s stock worth $180,310,000 after buying an additional 8,153 shares during the period. Ascent Group LLC bought a new position in Eaton in the 1st quarter worth about $231,000. Bayesian Capital Management LP bought a new stake in Eaton during the 1st quarter valued at about $600,000. Dynasty Wealth Management LLC purchased a new position in Eaton in the first quarter worth about $1,007,000. Finally, Castleark Management LLC grew its holdings in shares of Eaton by 181.7% during the first quarter. Castleark Management LLC now owns 38,245 shares of the industrial products company’s stock valued at $11,958,000 after buying an additional 24,670 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,705 shares of company stock worth $24,516,346 in the last quarter. 0.33% of the stock is owned by company insiders.

Eaton Stock Performance

NYSE ETN opened at $376.56 on Tuesday. The stock has a fifty day simple moving average of $344.15 and a 200-day simple moving average of $323.22. The stock has a market cap of $148.81 billion, a PE ratio of 40.06, a P/E/G ratio of 2.99 and a beta of 1.01. Eaton Co. plc has a twelve month low of $224.52 and a twelve month high of $379.12. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

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

Eaton Announces Dividend

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

Analyst Ratings Changes

ETN has been the subject of several research analyst reports. Raymond James reduced their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Wells Fargo & Company boosted their price objective 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. Bank of America increased their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Sanford C. Bernstein started coverage on shares of Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Finally, Mizuho raised their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $357.83.

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.