Eaton (NYSE:ETN) Releases FY 2024 Earnings Guidance

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ETN. Barclays upgraded shares of Eaton from an underweight rating to an equal weight rating and increased their target price for the stock from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Argus increased their target price on shares of Eaton from $290.00 to $350.00 and gave the stock a buy rating in a research note on Thursday. Evercore ISI raised their price objective on shares of Eaton from $262.00 to $308.00 and gave the company an outperform rating in a research report on Tuesday, February 20th. Bank of America raised their price objective on shares of Eaton from $320.00 to $330.00 and gave the company a buy rating in a research report on Monday, March 18th. Finally, 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $309.60.

Eaton Stock Down 0.1 %

Shares of NYSE:ETN traded down $0.36 during midday trading on Thursday, hitting $311.67. 1,650,770 shares of the company’s stock traded hands, compared to its average volume of 2,023,301. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.02 and a current ratio of 1.56. The company has a market cap of $124.51 billion, a PE ratio of 36.42, a P/E/G ratio of 2.63 and a beta of 1.06. The firm’s fifty day moving average price is $307.35 and its two-hundred day moving average price is $260.80. Eaton has a twelve month low of $165.24 and a twelve month high of $333.05.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The firm had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the business posted $1.88 EPS. The firm’s revenue was up 8.4% compared to the same quarter last year. On average, equities research analysts anticipate that Eaton will post 10.33 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be issued a $0.94 dividend. 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 1.21%. Eaton’s dividend payout ratio is currently 44.39%.

Insider Transactions at Eaton

In other news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the sale, the insider now owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the sale, the insider now owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,969 shares of company stock valued at $10,904,774. 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.