Eaton (NYSE:ETN) Updates FY 2024 Earnings Guidance

Eaton (NYSE:ETN) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 10.200-10.600 for the period, compared to the consensus earnings per share estimate of 10.250. The company issued revenue guidance of -. Eaton also updated its FY24 guidance to $10.20-10.60 EPS.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ETN shares. Evercore ISI boosted their price target on shares of Eaton from $262.00 to $308.00 and gave the stock an outperform rating in a research report on Tuesday, February 20th. The Goldman Sachs Group increased 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. Barclays raised Eaton from an underweight rating to an equal weight rating and raised their target price for the stock from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Royal Bank of Canada raised Eaton from a sector perform rating to an outperform rating and boosted their price target for the company from $286.00 to $371.00 in a research note on Friday, April 5th. Finally, Bank of America raised their price objective 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. One 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. According to data from MarketBeat, Eaton currently has an average rating of Moderate Buy and a consensus target price of $295.60.

Eaton Price Performance

ETN opened at $326.84 on Tuesday. The firm’s fifty day moving average price is $305.81 and its two-hundred day moving average price is $259.67. The company has a market capitalization of $130.57 billion, a price-to-earnings ratio of 40.75, a P/E/G ratio of 2.69 and a beta of 1.07. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02. Eaton has a 1 year low of $165.24 and a 1 year high of $331.47.

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

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be issued a dividend of $0.94 per share. The ex-dividend date is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.15%. Eaton’s dividend payout ratio (DPR) is currently 46.88%.

Insider Activity

In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated 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 directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the 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 transaction, the insider now owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The disclosure for this sale can be found here. Insiders sold a total of 38,969 shares of company stock valued at $10,904,774 in the last ninety days. 0.33% of the stock is currently owned by insiders.

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.