Nuveen LLC Takes $1.47 Billion Position in Eaton Corporation, PLC (NYSE:ETN)

Nuveen LLC bought a new stake in shares of Eaton Corporation, PLC (NYSE:ETN) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 5,415,998 shares of the industrial products company’s stock, valued at approximately $1,472,231,000.

Several other large investors have also recently made changes to their positions in the business. Commonwealth Financial Services LLC lifted its holdings in shares of Eaton by 2.9% during the first quarter. Commonwealth Financial Services LLC now owns 1,175 shares of the industrial products company’s stock valued at $319,000 after purchasing an additional 33 shares during the last quarter. Checchi Capital Advisers LLC raised its holdings in Eaton by 0.7% in the 1st quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company’s stock worth $1,378,000 after acquiring an additional 37 shares during the last quarter. Lantern Wealth Advisors LLC raised its holdings in Eaton by 1.0% in the 4th quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company’s stock worth $1,340,000 after acquiring an additional 38 shares during the last quarter. AGH Wealth Advisors LLC raised its holdings in Eaton by 2.6% in the 1st quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company’s stock worth $412,000 after acquiring an additional 38 shares during the last quarter. Finally, Revolve Wealth Partners LLC raised its holdings in Eaton by 4.2% in the 1st quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company’s stock worth $259,000 after acquiring an additional 38 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Trading Up 0.8%

Shares of Eaton stock opened at $363.07 on Friday. The company has a fifty day moving average of $354.99 and a 200 day moving average of $318.01. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $399.56. The company has a market capitalization of $141.34 billion, a P/E ratio of 36.53, a P/E/G ratio of 2.68 and a beta of 1.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.24.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.03. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.93 billion. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.73 earnings per share. On average, sell-side analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal 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. This represents a $4.16 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Thursday, August 7th. Eaton’s dividend payout ratio is currently 41.85%.

Insider Activity

In related news, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated Monday, May 12th. The shares were 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 of the company’s stock, valued at $158,214,632. This represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. BNP Paribas Exane assumed coverage on shares of Eaton in a report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. Sanford C. Bernstein restated an “outperform” rating and issued a $396.00 price objective on shares of Eaton in a report on Monday, July 14th. BNP Paribas assumed coverage on shares of Eaton in a report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. Citigroup boosted their price objective on shares of Eaton from $420.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Royal Bank Of Canada lifted their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and an average price target of $383.63.

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.