Eaton (NYSE:ETN) Issues Q3 2024 Earnings Guidance

Eaton (NYSE:ETN) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 2.730-2.830 for the period, compared to the consensus earnings per share estimate of 2.740. The company issued revenue guidance of -. Eaton also updated its FY 2024 guidance to 10.650-10.750 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Argus increased their target price on Eaton from $290.00 to $350.00 and gave the stock a buy rating in a report on Thursday, May 2nd. Barclays upped their price objective on shares of Eaton from $316.00 to $318.00 and gave the stock an equal weight rating in a research report on Wednesday, July 10th. Jefferies Financial Group boosted their price target on shares of Eaton from $370.00 to $385.00 and gave the stock a buy rating in a research note on Thursday, July 11th. Wolfe Research reaffirmed an underperform rating and issued a $312.00 price target on shares of Eaton in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. boosted their target price on Eaton from $279.00 to $325.00 and gave the stock an overweight rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Eaton currently has a consensus rating of Moderate Buy and a consensus price target of $323.06.

Eaton Price Performance

Shares of ETN opened at $304.79 on Thursday. The firm’s fifty day simple moving average is $319.95 and its 200-day simple moving average is $304.83. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $121.86 billion, a price-to-earnings ratio of 35.98, a PEG ratio of 2.40 and a beta of 1.02. Eaton has a twelve month low of $191.82 and a twelve month high of $345.19.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the previous year, the firm posted $1.88 EPS. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. Equities analysts forecast that Eaton will post 10.56 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 5th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The sale was disclosed in a filing with the SEC, which is available at this link. 0.53% 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.