Mizuho Securities USA LLC Sells 5,010 Shares of Eaton Co. plc (NYSE:ETN)

Mizuho Securities USA LLC trimmed its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 16.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,815 shares of the industrial products company's stock after selling 5,010 shares during the period. Mizuho Securities USA LLC's holdings in Eaton were worth $8,556,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in ETN. Breakwater Investment Management increased its holdings in shares of Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 78 shares during the last quarter. Proffitt & Goodson Inc. acquired a new position in shares of Eaton in the second quarter valued at $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton in the second quarter valued at $33,000. West Financial Advisors LLC acquired a new position in shares of Eaton in the third quarter valued at $35,000. Finally, DT Investment Partners LLC acquired a new position in shares of Eaton in the third quarter valued at $37,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of NYSE:ETN traded up $10.62 during midday trading on Thursday, reaching $371.08. The company had a trading volume of 1,160,795 shares, compared to its average volume of 2,104,471. The company's 50 day moving average price is $339.96 and its 200 day moving average price is $322.31. 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 stock has a market cap of $146.65 billion, a P/E ratio of 39.59, a P/E/G ratio of 2.89 and a beta of 1.01. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $373.49.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings data 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. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion for the quarter, compared to analysts' expectations of $6.37 billion. During the same period in the previous year, the business posted $2.47 EPS. The firm's quarterly revenue was up 7.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date is Monday, November 4th. Eaton's dividend payout ratio is currently 40.00%.

Wall Street Analyst Weigh In

ETN has been the topic of several research reports. Raymond James decreased their price objective on shares of Eaton from $375.00 to $365.00 and set an "outperform" rating on the stock in a report on Monday, September 9th. Citigroup began coverage on shares of Eaton in a research note on Monday, September 16th. They issued a "buy" rating and a $348.00 price target on the stock. Morgan Stanley began coverage on shares of Eaton in a research note on Friday, September 6th. They issued an "overweight" rating and a $370.00 price target on the stock. Evercore ISI cut shares of Eaton from an "outperform" rating to an "inline" rating and upped their price objective for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. Finally, Barclays cut their price objective on shares of Eaton from $327.00 to $320.00 and set an "equal weight" rating for the company in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $357.83.

Insider Activity at Eaton

In other news, insider Craig Arnold sold 61,569 shares of the company's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Dorothy C. Thompson purchased 2,205 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price 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 of the company's stock, 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. In the last three months, insiders have sold 68,705 shares of company stock worth $24,516,346. Company insiders own 0.53% of the company's stock.

Eaton Company 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.