5,415,998 Shares in Eaton Corporation, PLC (NYSE:ETN) Bought by Nuveen LLC

Key Points

• Nuveen LLC has acquired a stake of 5,415,998 shares in Eaton Corporation, valued at approximately $1.47 billion, representing 1.38% ownership of the company as of the latest quarter.
• Eaton's stock recently experienced a slight increase, opening at $363.07, and the company's market capitalization stands at $141.34 billion.
• In its latest earnings report, Eaton reported $2.95 EPS, exceeding estimates, and announced a quarterly dividend of $1.04, yielding 1.1% annually.

Nuveen LLC acquired a new position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 5,415,998 shares of the industrial products company's stock, valued at approximately $1,472,231,000. Nuveen LLC owned 1.38% of Eaton at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ETN. Capital A Wealth Management LLC bought a new stake in Eaton during the fourth quarter worth approximately $26,000. IMA Advisory Services Inc. bought a new position in shares of Eaton in the first quarter valued at $25,000. Vermillion Wealth Management Inc. acquired a new stake in Eaton during the 4th quarter valued at $33,000. Creative Financial Designs Inc. ADV raised its stake in Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 51 shares during the period. Finally, Abound Wealth Management grew its holdings in shares of Eaton by 73.8% during the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock valued at $40,000 after acquiring an additional 62 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ETN. Barclays upped their price objective on shares of Eaton from $340.00 to $344.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Citigroup upped their price objective on shares of Eaton from $420.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Evercore ISI increased their price target on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Finally, Raymond James Financial set a $415.00 price objective on shares of Eaton and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $383.63.

Insider Buying and Selling at Eaton

In other news, insider Olivier Leonetti sold 16,018 shares of Eaton stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the transaction, the insider directly owned 630 shares of the company's stock, valued at $225,785.70. This trade represents a 96.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Eaton Trading Up 0.8%

ETN stock traded up $3.01 during midday trading on Tuesday, reaching $363.12. The company's stock had a trading volume of 2,488,817 shares, compared to its average volume of 2,767,052. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $399.56. The stock has a market cap of $141.36 billion, a PE ratio of 36.53, a price-to-earnings-growth ratio of 2.66 and a beta of 1.18. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. The business's 50-day simple moving average is $356.56 and its 200-day simple moving average is $317.90.

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 analysts' consensus estimates of $2.92 by $0.03. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The firm had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.93 billion. During the same period last year, the firm earned $2.73 earnings per share. The business's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, sell-side analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

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

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.