Eaton (NYSE:ETN) Updates FY 2024 Earnings Guidance

Eaton (NYSE:ETN) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 10.200-10.600 for the period, compared to the consensus earnings per share 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 research firms have issued reports on ETN. Mizuho reissued a buy rating and set a $355.00 price target (up previously from $340.00) on shares of Eaton in a report on Wednesday. Bank of America boosted their price target on Eaton from $320.00 to $330.00 and gave the company a buy rating in a report on Monday, March 18th. UBS Group boosted their price target on Eaton from $255.00 to $305.00 and gave the company a buy rating in a report on Friday, February 2nd. Evercore ISI boosted their price target on Eaton from $262.00 to $308.00 and gave the company an outperform rating in a report on Tuesday, February 20th. Finally, The Goldman Sachs Group upped their price objective on Eaton from $287.00 to $328.00 and gave the stock a buy rating in a research note on Friday, March 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $309.60.

Eaton Price Performance

Eaton stock traded down $0.36 during midday trading on Thursday, reaching $311.67. 1,650,770 shares of the stock traded hands, compared to its average volume of 2,023,301. The stock’s fifty day moving average is $307.35 and its 200-day moving average is $260.80. Eaton has a 12 month low of $165.24 and a 12 month high of $333.05. The stock has a market cap of $124.51 billion, a P/E ratio of 36.42, a PEG ratio of 2.63 and a beta of 1.06. The company has a quick ratio of 1.02, a current ratio of 1.56 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last posted its quarterly earnings data 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. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period last year, the company earned $1.88 EPS. As a group, equities research analysts anticipate 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 1.21%. The ex-dividend date is Friday, May 3rd. Eaton’s payout ratio is 44.39%.

Insider Activity

In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the transaction, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was 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 $8,116,427.04. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock valued at $10,904,774 in the last ninety days. 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.