Meiji Yasuda Life Insurance Co Acquires 4,936 Shares of Eaton Co. plc (NYSE:ETN)

Meiji Yasuda Life Insurance Co raised its holdings in shares of Eaton Co. plc (NYSE:ETN) by 19.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,838 shares of the industrial products company’s stock after purchasing an additional 4,936 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in Eaton were worth $9,669,000 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. Gryphon Financial Partners LLC raised its position in Eaton by 81.3% during the 4th quarter. Gryphon Financial Partners LLC now owns 2,348 shares of the industrial products company’s stock valued at $565,000 after purchasing an additional 1,053 shares during the last quarter. Great Lakes Advisors LLC raised its position in Eaton by 24.8% during the 4th quarter. Great Lakes Advisors LLC now owns 2,176 shares of the industrial products company’s stock valued at $524,000 after purchasing an additional 432 shares during the last quarter. Gladstone Institutional Advisory LLC raised its position in Eaton by 32.7% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 2,047 shares of the industrial products company’s stock valued at $493,000 after purchasing an additional 505 shares during the last quarter. Coldstream Capital Management Inc. raised its position in shares of Eaton by 10.1% in the 4th quarter. Coldstream Capital Management Inc. now owns 7,758 shares of the industrial products company’s stock worth $1,868,000 after acquiring an additional 710 shares in the last quarter. Finally, Sachetta LLC bought a new position in shares of Eaton in the 4th quarter worth approximately $66,000. Institutional investors own 82.97% of the company’s stock.

Insider Activity

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

Wall Street Analysts Forecast Growth

ETN has been the subject of several research reports. Jefferies Financial Group increased their target price on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Wells Fargo & Company decreased their target price on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Raymond James decreased their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Evercore ISI decreased their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Finally, Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Eaton has an average rating of “Moderate Buy” and an average price target of $337.41.

Eaton Stock Performance

Shares of ETN opened at $311.70 on Wednesday. The business’s fifty day simple moving average is $300.17 and its two-hundred day simple moving average is $312.08. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The company has a market cap of $124.62 billion, a price-to-earnings ratio of 36.80, a P/E/G ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last issued 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 business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Research analysts anticipate that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.21%. Eaton’s payout ratio is 44.39%.

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.