Eaton (NYSE:ETN) Releases Q2 2024 Earnings Guidance

Eaton (NYSE:ETN) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.520-2.620 for the period, compared to the consensus earnings per share estimate of 2.500. The company issued revenue guidance of -. Eaton also updated its FY 2024 guidance to 10.200-10.600 EPS.

Eaton Stock Performance

Shares of NYSE ETN traded up $6.15 during midday trading on Friday, hitting $320.50. 1,764,701 shares of the company’s stock were exchanged, compared to its average volume of 2,036,619. Eaton has a twelve month low of $165.24 and a twelve month high of $333.05. The stock’s 50 day moving average price is $307.97 and its 200-day moving average price is $261.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.02. The firm has a market cap of $128.14 billion, a P/E ratio of 37.84, a PEG ratio of 2.55 and a beta of 1.06.

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

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ETN shares. The Goldman Sachs Group lifted their target price on shares of Eaton from $287.00 to $328.00 and gave the company a buy rating in a research report on Friday, March 15th. Wolfe Research reaffirmed an underperform rating and set a $312.00 price objective on shares of Eaton in a report on Monday, April 8th. Argus boosted their price target on shares of Eaton from $290.00 to $350.00 and gave the stock a buy rating in a research note on Thursday. Berenberg Bank raised their target price on Eaton from $200.00 to $345.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Finally, Bank of America raised their price objective on Eaton from $320.00 to $330.00 and gave the stock a buy rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $314.27.

Insider Buying and Selling

In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 sale, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,969 shares of company stock valued at $10,904,774. 0.53% of the stock is owned by insiders.

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.