TIAA Trust National Association Grows Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• TIAA Trust National Association increased its holdings in Eaton Corporation by 2.0%, owning 92,643 shares valued at approximately $25.18 million as of the latest reporting period.
• Eaton reported quarterly earnings of $2.72 per share, exceeding analysts' expectations, with revenues growing 7.3% year-over-year to $6.38 billion.
• The company declared a $1.04 quarterly dividend to be paid on August 22nd, representing an annualized yield of 1.1% and a payout ratio of 41.98%.

TIAA Trust National Association boosted its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 2.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 92,643 shares of the industrial products company's stock after acquiring an additional 1,807 shares during the quarter. TIAA Trust National Association's holdings in Eaton were worth $25,183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. FMR LLC lifted its stake in shares of Eaton by 1.2% in the 4th quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock valued at $5,051,807,000 after purchasing an additional 182,455 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of Eaton by 4.3% in the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock worth $1,550,226,000 after purchasing an additional 192,482 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Eaton by 8.8% in the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock worth $1,518,207,000 after purchasing an additional 368,241 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Eaton by 27,281.9% in the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after buying an additional 3,580,198 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Eaton by 24.3% in the 4th quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock worth $998,144,000 after buying an additional 588,370 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Up 0.8%

Shares of ETN traded up $2.85 during midday trading on Wednesday, hitting $359.30. 605,763 shares of the company's stock traded hands, compared to its average volume of 3,059,643. The stock has a market capitalization of $140.59 billion, a price-to-earnings ratio of 36.26, a price-to-earnings-growth ratio of 2.90 and a beta of 1.18. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The firm's fifty day moving average is $352.77 and its 200-day moving average is $317.96. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.92 by $0.03. The company had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.93 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $2.73 EPS. As a group, sell-side analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.2%. Eaton's dividend payout ratio (DPR) is 41.98%.

Insider Activity at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ETN. BNP Paribas assumed coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Evercore ISI boosted their price objective on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Barclays boosted their price objective on Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. upped their target price on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, Morgan Stanley increased their price objective on Eaton from $375.00 to $425.00 and gave the stock an "overweight" rating in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $380.53.

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.