Eaton (NYSE:ETN) Issues 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

Several research analysts have recently weighed in on the stock. Evercore ISI increased their price objective on shares of Eaton from $262.00 to $308.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. Royal Bank of Canada upgraded shares of Eaton from a sector perform rating to an outperform rating and lifted their price target for the company from $286.00 to $371.00 in a report on Friday, April 5th. Wolfe Research reissued an underperform rating and set a $312.00 price objective on shares of Eaton in a research note on Monday, April 8th. Citigroup increased their price objective on shares of Eaton from $270.00 to $310.00 and gave the company a buy rating in a research report on Friday, February 2nd. Finally, UBS Group boosted their target price on shares of Eaton from $255.00 to $305.00 and gave the stock a buy rating in a research report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Eaton has a consensus rating of Moderate Buy and a consensus price target of $295.60.

Eaton Stock Performance

Shares of Eaton stock opened at $331.07 on Tuesday. The firm has a market cap of $132.26 billion, a PE ratio of 40.75, a price-to-earnings-growth ratio of 2.69 and a beta of 1.07. Eaton has a 1 year low of $165.24 and a 1 year high of $331.97. The firm’s 50-day simple moving average is $305.81 and its 200-day simple moving average is $259.67. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.02 and a current ratio of 1.51.

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 return on equity of 20.05% and a net margin of 13.88%. The firm had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the prior year, the firm posted $2.06 earnings per share. Eaton’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities analysts forecast that Eaton will post 10.28 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is presently 46.88%.

Insider Buying and Selling at Eaton

In other news, 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 in the company, valued at approximately $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the sale, the insider now owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Olivier Leonetti sold 4,461 shares of the company’s stock in a transaction on 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 owns 630 shares of the company’s stock, valued at $171,360. The disclosure for this sale can be found here. Insiders sold a total of 38,969 shares of company stock worth $10,904,774 over the last 90 days. 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.