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 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.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Wolfe Research reissued an underperform rating and set a $312.00 price target on shares of Eaton in a report on Monday, April 8th. Citigroup lifted their price objective on Eaton from $270.00 to $310.00 and gave the company a buy rating in a report on Friday, February 2nd. Mizuho lifted their price target on shares of Eaton from $300.00 to $340.00 and gave the company a buy rating in a research report on Wednesday, March 20th. The Goldman Sachs Group lifted their price target 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. Finally, UBS Group lifted their price objective on Eaton from $255.00 to $305.00 and gave the stock a buy rating in a research report on Friday, February 2nd. One 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $295.60.

Eaton Trading Down 3.0 %

ETN stock traded down $9.75 during midday trading on Tuesday, hitting $316.76. The stock had a trading volume of 2,888,252 shares, compared to its average volume of 1,981,327. Eaton has a 12-month low of $165.24 and a 12-month high of $333.06. The company’s 50-day moving average price is $305.81 and its 200 day moving average price is $259.67. The firm has a market cap of $126.55 billion, a PE ratio of 40.75, a price-to-earnings-growth ratio of 2.69 and a beta of 1.07. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.08. Eaton had a net margin of 13.88% and a return on equity of 20.05%. 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 company earned $2.06 EPS. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts predict that Eaton will post 10.28 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be given a dividend of $0.94 per share. The ex-dividend date is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.19%. Eaton’s dividend payout ratio (DPR) is 46.88%.

Insider Buying and Selling

In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were 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 approximately $8,116,427.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Peter Denk sold 1,731 shares of the company’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 sale, the insider now owns 5,514 shares in the company, valued at approximately $1,593,380.58. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The disclosure for this sale can be found here. In the last three months, insiders sold 38,969 shares of company stock valued at $10,904,774. Company insiders own 0.33% of the company’s stock.

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.