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.

Eaton Stock Performance

Shares of ETN stock opened at $326.84 on Tuesday. The firm’s 50 day moving average is $305.81 and its 200 day moving average is $259.67. The stock has a market capitalization of $130.57 billion, a P/E ratio of 40.75, a PEG ratio of 2.69 and a beta of 1.07. Eaton has a 12 month low of $165.24 and a 12 month high of $331.47. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.08. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The company had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the previous year, the business earned $2.06 earnings per share. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Eaton will post 10.28 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s dividend payout ratio is presently 46.88%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ETN shares. Bank of America lifted their price target on Eaton from $320.00 to $330.00 and gave the company a buy rating in a research report on Monday, March 18th. Royal Bank of Canada raised shares of Eaton from a sector perform rating to an outperform rating and boosted their price target for the stock from $286.00 to $371.00 in a research note on Friday, April 5th. The Goldman Sachs Group raised their price objective on shares of Eaton from $287.00 to $328.00 and gave the company a buy rating in a research report on Friday, March 15th. Mizuho upped their target price on shares of Eaton from $300.00 to $340.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Finally, Berenberg Bank raised their price target on Eaton from $200.00 to $345.00 and gave the company a buy rating in a research report on Wednesday, March 6th. 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $295.60.

Insider Transactions at Eaton

In other news, insider Olivier Leonetti sold 4,461 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the sale, the insider now owns 630 shares of the company’s stock, valued at $171,360. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the company’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 transaction, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the sale, the insider now directly owns 630 shares of the company’s stock, valued at approximately $171,360. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,969 shares of company stock worth $10,904,774. 0.33% of the stock is currently 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.