Eaton (NYSE:ETN) Releases FY24 Earnings Guidance

Eaton (NYSE:ETN) updated its FY24 earnings guidance on Tuesday. 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 Down 2.1 %

ETN stock traded down $6.74 on Tuesday, reaching $319.77. 3,437,977 shares of the company traded hands, compared to its average volume of 1,987,696. Eaton has a one year low of $165.24 and a one year high of $333.06. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02. The company has a market cap of $127.75 billion, a P/E ratio of 40.75, a price-to-earnings-growth ratio of 2.69 and a beta of 1.07. The firm has a fifty day simple moving average of $305.81 and a 200-day simple moving average of $259.67.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The business had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.06 EPS. Research analysts anticipate that Eaton will post 10.28 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently announced 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. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Friday, May 3rd. Eaton’s payout ratio is 46.88%.

Analyst Ratings Changes

ETN has been the subject of a number of research analyst reports. Berenberg Bank lifted their target price on Eaton from $200.00 to $345.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Wolfe Research reaffirmed an underperform rating and issued a $312.00 price objective on shares of Eaton in a report on Monday, April 8th. Mizuho lifted their price objective on Eaton from $300.00 to $340.00 and gave the stock a buy rating in a report on Wednesday, March 20th. Citigroup lifted their price objective on Eaton from $270.00 to $310.00 and gave the stock a buy rating in a report on Friday, February 2nd. Finally, Barclays raised Eaton from an underweight rating to an equal weight rating and lifted their price objective for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $295.60.

Insider Activity

In other news, insider Olivier Leonetti sold 4,461 shares of the business’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 transaction, the insider now directly owns 630 shares in the company, valued at $171,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Olivier Leonetti sold 4,461 shares of the business’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 sale, the insider now directly owns 630 shares in the company, valued at $171,360. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction dated 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 owns 29,712 shares in the company, valued at $8,116,427.04. The disclosure for this sale can be found here. Insiders have sold 38,969 shares of company stock worth $10,904,774 over the last ninety days. Corporate insiders own 0.33% 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.