Eaton (NYSE:ETN) Updates Q2 Earnings Guidance

Eaton (NYSE:ETN) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $2.52-2.62 for the period, compared to the consensus earnings per share estimate of $2.52. Eaton also updated its FY 2024 guidance to 10.200-10.600 EPS.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. UBS Group increased their price target on shares of Eaton from $255.00 to $305.00 and gave the company a buy rating in a report on Friday, February 2nd. Bank of America increased their price target on shares of Eaton from $320.00 to $330.00 and gave the stock a buy rating in a research report on Monday, March 18th. Argus increased their price target on shares of Eaton from $290.00 to $350.00 and gave the stock a buy rating in a research report on Thursday. Royal Bank of Canada upgraded shares of Eaton from a sector perform rating to an outperform rating and increased their price target for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. Finally, Citigroup raised their target price on shares of Eaton from $270.00 to $310.00 and gave the company a buy rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Eaton presently has an average rating of Moderate Buy and an average price target of $309.60.

Eaton Trading Up 0.2 %

Shares of ETN stock traded up $0.51 during trading hours on Thursday, reaching $312.54. 1,922,526 shares of the stock were exchanged, compared to its average volume of 2,026,339. Eaton has a 12-month low of $165.24 and a 12-month high of $333.05. The company has a current ratio of 1.56, a quick ratio of 1.02 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $307.35 and its 200-day moving average price is $260.80. The firm has a market capitalization of $124.86 billion, a price-to-earnings ratio of 36.42, a price-to-earnings-growth ratio of 2.63 and a beta of 1.06.

Eaton (NYSE:ETN) last released 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. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The company had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the previous year, the company earned $1.88 EPS. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. As a group, equities analysts anticipate that Eaton will post 10.33 earnings per share for the current year.

Eaton Announces Dividend

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 given a $0.94 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.20%. Eaton’s payout ratio is presently 44.39%.

Insider Transactions at Eaton

In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Eaton news, insider Peter Denk sold 1,731 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the transaction, 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 Securities & Exchange Commission, which is available at the SEC website. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction that occurred on 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 transaction, 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 quarter, insiders sold 38,969 shares of company stock valued at $10,904,774. Company 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.