Douglas Lane & Associates LLC Sells 65 Shares of Eaton Co. plc (NYSE:ETN)

Douglas Lane & Associates LLC trimmed its position in Eaton Co. plc (NYSE:ETN) by 5.0% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 1,224 shares of the industrial products company’s stock after selling 65 shares during the period. Douglas Lane & Associates LLC’s holdings in Eaton were worth $384,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Tennessee Valley Asset Management Partners bought a new position in Eaton in the 4th quarter valued at $25,000. LifeSteps Financial Inc. bought a new position in shares of Eaton in the 1st quarter worth $25,000. Atwood & Palmer Inc. boosted its position in shares of Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the last quarter. Clear Investment Research LLC bought a new position in shares of Eaton in the 4th quarter worth $29,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Eaton in the 1st quarter worth $33,000. 82.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on ETN. Raymond James began coverage on Eaton in a research report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target on the stock. HSBC raised their price target on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Argus raised their price objective on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Mizuho reaffirmed a “buy” rating and set a $355.00 price objective (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Finally, Royal Bank of Canada dropped their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $326.53.

Eaton Stock Up 1.9 %

Shares of ETN traded up $5.13 during midday trading on Tuesday, hitting $277.65. The stock had a trading volume of 3,304,711 shares, compared to its average volume of 2,171,169. The company has a 50 day simple moving average of $316.57 and a two-hundred day simple moving average of $306.20. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The firm has a market cap of $111.00 billion, a price-to-earnings ratio of 32.78, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.05.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s payout ratio is 44.39%.

Insider Activity

In other news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.53% of the stock is owned by corporate insiders.

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.