Eaton (NYSE:ETN) Issues Q2 2024 Earnings Guidance

Eaton (NYSE:ETN) updated its second quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 2.520-2.620 for the period, compared to the consensus EPS estimate of 2.500. The company issued revenue guidance of -. Eaton also updated its FY 2024 guidance to 10.200-10.600 EPS.

Analyst Upgrades and Downgrades

Several analysts have commented on ETN shares. Mizuho reaffirmed a buy rating and issued a $355.00 target price (up from $340.00) on shares of Eaton in a research note on Wednesday. Barclays raised shares of Eaton from an underweight rating to an equal weight rating and lifted their target price for the stock from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Bank of America lifted their target price on shares of Eaton from $320.00 to $330.00 and gave the stock a buy rating in a research note on Monday, March 18th. Berenberg Bank lifted their target price on shares of Eaton from $200.00 to $345.00 and gave the stock a buy rating in a research note on Wednesday, March 6th. Finally, The Goldman Sachs Group lifted their target price on shares of Eaton from $287.00 to $328.00 and gave the stock a buy rating in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $302.93.

Eaton Trading Down 1.5 %

Shares of NYSE ETN traded down $4.78 during trading on Wednesday, hitting $313.48. 1,140,983 shares of the company traded hands, compared to its average volume of 1,999,930. The company has a 50-day moving average price of $306.65 and a 200-day moving average price of $260.44. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. Eaton has a 1 year low of $165.24 and a 1 year high of $333.05. The firm has a market capitalization of $125.24 billion, a P/E ratio of 39.19, a P/E/G ratio of 2.71 and a beta of 1.07.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The firm had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the prior year, the company earned $1.88 EPS. The firm’s revenue was up 8.4% on a year-over-year basis. On average, equities analysts predict that Eaton will post 10.28 EPS for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.20%. Eaton’s dividend payout ratio (DPR) is 46.88%.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the completion of the sale, the insider now directly owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the transaction, the insider now owns 5,514 shares in the company, valued at approximately $1,593,380.58. The disclosure for this sale can be found here. In the last three months, insiders sold 38,969 shares of company stock valued at $10,904,774. Company insiders own 0.53% of the company’s stock.

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.