Eaton (NYSE:ETN) Updates FY24 Earnings Guidance

Eaton (NYSE:ETN) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $10.20-10.60 for the period, compared to the consensus EPS estimate of $10.27. Eaton also updated its FY 2024 guidance to 10.200-10.600 EPS.

Wall Street Analyst Weigh In

ETN has been the topic of a number of recent research reports. Mizuho reiterated a buy rating and set a $355.00 target price (up previously from $340.00) on shares of Eaton in a research note on Wednesday. Bank of America boosted their target price on shares of Eaton from $320.00 to $330.00 and gave the company a buy rating in a research report on Monday, March 18th. Citigroup raised their price target on shares of Eaton from $270.00 to $310.00 and gave the stock a buy rating in a research report on Friday, February 2nd. The Goldman Sachs Group increased their target price on shares of Eaton from $287.00 to $328.00 and gave the stock a buy rating in a research report on Friday, March 15th. Finally, Berenberg Bank lifted their price target on shares of Eaton from $200.00 to $345.00 and gave the company a buy rating in a research report on Wednesday, March 6th. One investment 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 data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $314.27.

Eaton Price Performance

Shares of ETN traded up $6.15 during mid-day trading on Friday, reaching $320.50. The company had a trading volume of 1,764,701 shares, compared to its average volume of 2,036,619. The company’s 50 day simple moving average is $307.97 and its 200 day simple moving average is $261.18. The company has a market capitalization of $128.14 billion, a price-to-earnings ratio of 37.84, a P/E/G ratio of 2.55 and a beta of 1.06. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.02 and a current ratio of 1.56. Eaton has a 1-year low of $165.24 and a 1-year high of $333.05.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the company posted $1.88 EPS. The business’s revenue was up 8.4% on a year-over-year basis. Analysts expect that Eaton will post 10.42 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors 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 1.17%. The ex-dividend date is Friday, May 3rd. Eaton’s dividend payout ratio is currently 44.39%.

Insider Buying and Selling at Eaton

In other news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction on Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the sale, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the transaction, the insider now owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the transaction, the insider now owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,969 shares of company stock worth $10,904,774. 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.