Eaton (NYSE:ETN) Releases FY24 Earnings Guidance

Eaton (NYSE:ETN) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $10.20-10.60 for the period, compared to the consensus estimate of $10.27. Eaton also updated its FY 2024 guidance to 10.200-10.600 EPS.

Eaton Stock Up 0.2 %

ETN stock traded up $0.51 during trading on Thursday, reaching $312.54. 1,922,526 shares of the stock were exchanged, compared to its average volume of 2,026,339. The firm’s 50 day moving average is $307.35 and its 200 day moving average is $260.80. Eaton has a twelve month low of $165.24 and a twelve month high of $333.05. The company has a current ratio of 1.56, a quick ratio of 1.02 and a debt-to-equity ratio of 0.42. The firm has a market cap of $124.86 billion, a P/E ratio of 36.42, a price-to-earnings-growth ratio of 2.63 and a beta of 1.06.

Eaton (NYSE:ETN) last posted 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 return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the prior year, the business earned $1.88 EPS. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, research analysts forecast that Eaton will post 10.33 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ETN shares. The Goldman Sachs Group upped their target price on Eaton from $287.00 to $328.00 and gave the company a buy rating in a report on Friday, March 15th. Argus increased their price objective on Eaton from $290.00 to $350.00 and gave the company a buy rating in a report on Thursday. Wolfe Research reissued an underperform rating and set a $312.00 price objective on shares of Eaton in a report on Monday, April 8th. Evercore ISI increased their price objective on Eaton from $262.00 to $308.00 and gave the company an outperform rating in a report on Tuesday, February 20th. Finally, JPMorgan Chase & Co. increased their price objective on Eaton from $279.00 to $325.00 and gave the company an overweight rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Eaton has an average rating of Moderate Buy and a consensus target price of $309.60.

Insider Buying and Selling at Eaton

In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Olivier Leonetti sold 4,461 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the sale, the insider now owns 630 shares of the company’s stock, valued at approximately $171,360. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,969 shares of company stock valued at $10,904,774. 0.53% of the stock is owned by company insiders.

Eaton Company 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.