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 (EPS) guidance of 10.200-10.600 for the period, compared to the consensus estimate of 10.250. The company issued revenue guidance of -. Eaton also updated its FY24 guidance to $10.20-10.60 EPS.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Evercore ISI upped their price objective on shares of Eaton from $262.00 to $308.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. UBS Group upped their price objective on shares of Eaton from $255.00 to $305.00 and gave the company a buy rating in a research note on Friday, February 2nd. Berenberg Bank increased their target price on shares of Eaton from $200.00 to $345.00 and gave the stock a buy rating in a research report on Wednesday, March 6th. Wolfe Research reissued an underperform rating and set a $312.00 target price on shares of Eaton in a research report on Monday, April 8th. Finally, The Goldman Sachs Group upped their price target on Eaton from $287.00 to $328.00 and gave the stock a buy rating in a report on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $302.93.

Eaton Stock Performance

NYSE ETN traded down $4.78 during trading hours on Wednesday, hitting $313.48. The company had a trading volume of 1,140,983 shares, compared to its average volume of 1,999,930. Eaton has a fifty-two week low of $165.24 and a fifty-two week high of $333.05. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The business has a fifty day simple moving average of $306.65 and a 200-day simple moving average of $260.44. The firm has a market cap of $125.24 billion, a P/E ratio of 39.19, a price-to-earnings-growth ratio of 2.71 and a beta of 1.07.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The firm had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same period last year, the company earned $1.88 earnings per share. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. Equities analysts predict that Eaton will post 10.28 EPS for the current year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is 46.88%.

Insider Activity

In other news, 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 transaction of $5,395,107.50. Following the transaction, the insider now directly owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the completion of the transaction, the insider now owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Heath B. Monesmith sold 13,027 shares of the firm’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 of the company’s stock, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,969 shares of company stock valued at $10,904,774. Company insiders own 0.53% 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.