Nippon Life Global Investors Americas Inc. Sells 28,400 Shares of Eaton Co. plc (NYSE:ETN)

Nippon Life Global Investors Americas Inc. lowered its position in Eaton Co. plc (NYSE:ETN) by 21.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 102,750 shares of the industrial products company’s stock after selling 28,400 shares during the quarter. Eaton comprises 1.4% of Nippon Life Global Investors Americas Inc.’s investment portfolio, making the stock its 23rd largest holding. Nippon Life Global Investors Americas Inc.’s holdings in Eaton were worth $32,217,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new stake in shares of Eaton during the 1st quarter valued at approximately $25,000. Breakwater Investment Management lifted its position in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares in the last quarter. Atwood & Palmer Inc. boosted its holdings in shares of Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares during the period. Clear Investment Research LLC purchased a new position in shares of Eaton in the fourth quarter valued at $29,000. Finally, Proffitt & Goodson Inc. bought a new stake in shares of Eaton during the 2nd quarter valued at $29,000. 82.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ETN has been the subject of several analyst reports. Raymond James cut their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Citigroup initiated coverage on shares of Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price objective for the company. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Royal Bank of Canada reduced their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Jefferies Financial Group increased their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $337.41.

Eaton Stock Up 0.5 %

Shares of NYSE ETN opened at $330.60 on Monday. The stock has a market capitalization of $132.17 billion, a P/E ratio of 39.03, a PEG ratio of 2.28 and a beta of 1.01. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19. The firm’s 50 day simple moving average is $299.93 and its two-hundred day simple moving average is $312.71. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07.

Eaton (NYSE:ETN) last released its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating the consensus estimate of $2.61 by $0.12. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. As a group, analysts expect that Eaton Co. plc will post 10.74 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Insider Buying and Selling

In related news, Director Dorothy C. Thompson acquired 2,205 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Dorothy C. Thompson purchased 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders have sold a total of 52,511 shares of company stock worth $15,809,326 in the last ninety days. 0.53% of the stock is owned by insiders.

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.