Eaton (NYSE:ETN) Issues FY 2024 Earnings Guidance

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ETN shares. Evercore ISI boosted their target price on shares of Eaton from $262.00 to $308.00 and gave the company an outperform rating in a report on Tuesday, February 20th. Barclays raised shares of Eaton from an underweight rating to an equal weight rating and lifted their price target for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Citigroup lifted their price target 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. Berenberg Bank boosted their price target on shares of Eaton from $200.00 to $345.00 and gave the company a buy rating in a report on Wednesday, March 6th. Finally, Mizuho upped their target price on shares of Eaton from $300.00 to $340.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Eaton has an average rating of Moderate Buy and a consensus price target of $295.60.

Eaton Trading Down 3.0 %

Shares of NYSE:ETN traded down $9.75 during midday trading on Tuesday, reaching $316.76. The company had a trading volume of 2,888,252 shares, compared to its average volume of 1,981,327. 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 has a 1-year low of $165.24 and a 1-year high of $333.06. The firm has a market cap of $126.55 billion, a price-to-earnings ratio of 40.75, a price-to-earnings-growth ratio of 2.69 and a beta of 1.07. The company has a fifty day simple moving average of $305.81 and a two-hundred day simple moving average of $259.67.

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, beating analysts’ consensus estimates of $2.47 by $0.08. The business had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. Eaton’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $2.06 EPS. Research analysts predict that Eaton will post 10.28 earnings per share for the current year.

Eaton Announces Dividend

The firm 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 $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s dividend payout ratio is currently 46.88%.

Insider Buying and Selling

In other news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 38,969 shares of company stock valued at $10,904,774. Corporate insiders own 0.33% of the company’s stock.

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.