Eaton (NYSE:ETN) Issues FY 2024 Earnings Guidance

Eaton (NYSE:ETN) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 10.750-10.810 for the period, compared to the consensus EPS estimate of 10.670. The company issued revenue guidance of -. Eaton also updated its FY24 guidance to $10.75-10.81 EPS.

Analysts Set New Price Targets

Several analysts have recently commented on ETN shares. Barclays lowered their price objective on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research note on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $374.00 price objective on shares of Eaton in a report on Friday. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Evercore ISI cut their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Morgan Stanley started coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $341.00.

Eaton Trading Up 1.0 %

Shares of NYSE:ETN traded up $3.42 during midday trading on Friday, hitting $335.00. 2,369,253 shares of the stock traded hands, compared to its average volume of 2,106,960. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $133.36 billion, a PE ratio of 36.85, a P/E/G ratio of 2.62 and a beta of 1.02. Eaton has a one year low of $211.99 and a one year high of $349.74. The business’s 50 day moving average is $323.09 and its two-hundred day moving average is $318.29.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the prior year, the company earned $2.47 EPS. The business’s revenue was up 7.9% compared to the same quarter last year. As a group, research analysts forecast that Eaton will post 10.75 earnings per share for the current year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.12%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio is currently 41.36%.

Insider Activity at Eaton

In related news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Eaton news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is 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.