Pine Valley Investments Ltd Liability Co Sells 2,755 Shares of Eaton Co. plc (NYSE:ETN)

Pine Valley Investments Ltd Liability Co lowered its stake in Eaton Co. plc (NYSE:ETN) by 57.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,063 shares of the industrial products company’s stock after selling 2,755 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in Eaton were worth $647,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ETN. LifeSteps Financial Inc. purchased a new position in Eaton during the first quarter valued at approximately $25,000. Atwood & Palmer Inc. grew its position in shares of Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares in the last quarter. Clear Investment Research LLC bought a new position in shares of Eaton in the fourth quarter worth $29,000. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton in the second quarter worth $29,000. Finally, Redmont Wealth Advisors LLC bought a new stake in Eaton during the first quarter valued at $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on ETN. Wells Fargo & Company lowered their price target on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Evercore ISI dropped their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Raymond James assumed coverage on shares of Eaton in a research note on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target for the company. Royal Bank of Canada dropped their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Jefferies Financial Group increased their target price on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $328.00.

Eaton Price Performance

Shares of Eaton stock opened at $306.93 on Friday. The stock has a market capitalization of $122.19 billion, a P/E ratio of 36.24, a price-to-earnings-growth ratio of 2.35 and a beta of 1.02. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The business’s 50 day simple moving average is $305.11 and its two-hundred day simple moving average is $310.40.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Analysts forecast that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.23%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Activity at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction 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 can be accessed through the SEC website. In other Eaton 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 transaction of $96,721.20. Following the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the transaction, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 over the last quarter. 0.53% of the stock is owned by corporate insiders.

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.