Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Mizuho Securities USA LLC

Key Points

• Mizuho Securities USA LLC reduced its holdings in Eaton Corporation, PLC by 15.5% during the first quarter, bringing its shares down to 31,644, valued at approximately $8.6 million.
• Meanwhile, GAMMA Investing LLC significantly increased its stake in Eaton by 27,281.9% during the same quarter, acquiring an additional 3.58 million shares valued around $976.8 million.
• Eaton's recent quarterly earnings exceeded expectations, with an EPS of $2.95 compared to a forecast of $2.92, and revenue of $7.03 billion surpassing analyst predictions of $6.93 billion.

Mizuho Securities USA LLC lessened its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 15.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,644 shares of the industrial products company's stock after selling 5,812 shares during the quarter. Mizuho Securities USA LLC's holdings in Eaton were worth $8,602,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. IMA Advisory Services Inc. acquired a new position in shares of Eaton in the 1st quarter valued at about $25,000. Capital A Wealth Management LLC acquired a new position in shares of Eaton in the 4th quarter valued at about $26,000. Creative Financial Designs Inc. ADV lifted its holdings in shares of Eaton by 102.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after buying an additional 51 shares during the period. Vermillion Wealth Management Inc. acquired a new position in shares of Eaton in the 4th quarter valued at about $33,000. Finally, Abound Wealth Management lifted its holdings in shares of Eaton by 73.8% in the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock valued at $40,000 after buying an additional 62 shares during the period. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the sale, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Eaton Stock Up 0.8%

Shares of NYSE ETN traded up $2.91 during mid-day trading on Friday, hitting $363.07. The company had a trading volume of 2,139,096 shares, compared to its average volume of 2,683,531. The company has a market capitalization of $141.34 billion, a PE ratio of 36.53, a price-to-earnings-growth ratio of 2.68 and a beta of 1.18. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.24 and a quick ratio of 0.76. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $399.56. The business's 50-day simple moving average is $354.99 and its 200 day simple moving average is $317.65.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.03. The business had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.93 billion. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period last year, the firm earned $2.73 earnings per share. On average, analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be paid a $1.04 dividend. The ex-dividend date is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.1%. Eaton's dividend payout ratio (DPR) is currently 41.85%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Raymond James Financial boosted their price objective on Eaton from $380.00 to $415.00 and gave the company an "outperform" rating in a report on Thursday. Evercore ISI upped their price target on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a report on Monday, May 19th. JPMorgan Chase & Co. upped their price target on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Morgan Stanley upped their price target on Eaton from $375.00 to $425.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, KeyCorp upped their price target on Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $383.63.

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.