Eaton (NYSE:ETN) Releases FY 2024 Earnings Guidance

Eaton (NYSE:ETN) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 10.200-10.600 for the period, compared to the consensus EPS estimate of 10.250. The company issued revenue guidance of -. Eaton also updated its FY24 guidance to $10.20-10.60 EPS.

Analysts Set New Price Targets

Several research firms have issued reports on ETN. Evercore ISI upped their price target on shares of Eaton from $262.00 to $308.00 and gave the stock an outperform rating in a research report on Tuesday, February 20th. The Goldman Sachs Group upped their target price on shares of Eaton from $287.00 to $328.00 and gave the company a buy rating in a report on Friday, March 15th. Berenberg Bank lifted their price target on Eaton from $200.00 to $345.00 and gave the stock a buy rating in a report on Wednesday, March 6th. JPMorgan Chase & Co. upped their price objective on Eaton from $279.00 to $325.00 and gave the company an overweight rating in a research note on Wednesday. Finally, UBS Group boosted their target price on Eaton from $255.00 to $305.00 and gave the stock a buy rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Eaton has a consensus rating of Moderate Buy and a consensus price target of $314.27.

Eaton Stock Performance

Eaton stock traded up $6.15 during midday trading on Friday, hitting $320.50. The company’s stock had a trading volume of 1,764,701 shares, compared to its average volume of 2,036,619. The company has a 50-day moving average price of $307.97 and a two-hundred day moving average price of $261.18. Eaton has a 1-year low of $165.24 and a 1-year high of $333.05. The company has a market cap of $128.14 billion, a price-to-earnings ratio of 37.84, a PEG ratio of 2.55 and a beta of 1.06. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.02.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the previous year, the company posted $1.88 earnings per share. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, sell-side analysts predict that Eaton will post 10.42 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the stock in a transaction that occurred 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 sale, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 stock was 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 in the company, valued at approximately $8,116,427.04. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares in the company, valued at $1,593,380.58. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock valued at $10,904,774 over the last quarter. 0.53% of the stock is owned by company insiders.

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.