Eaton (NYSE:ETN) Updates FY24 Earnings Guidance

Eaton (NYSE:ETN) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $10.20-10.60 for the period, compared to the consensus EPS estimate of $10.27. Eaton also updated its FY 2024 guidance to 10.200-10.600 EPS.

Analysts Set New Price Targets

ETN has been the topic of several recent research reports. Evercore ISI lifted their target price on shares of Eaton from $262.00 to $308.00 and gave the stock an outperform rating in a research note on Tuesday, February 20th. Citigroup boosted their price target on shares of Eaton from $270.00 to $310.00 and gave the stock a buy rating in a research report on Friday, February 2nd. UBS Group increased their price objective on shares of Eaton from $255.00 to $305.00 and gave the company a buy rating in a report on Friday, February 2nd. Mizuho boosted their target price on Eaton from $300.00 to $340.00 and gave the stock a buy rating in a report on Wednesday, March 20th. Finally, Berenberg Bank upped their price target on Eaton from $200.00 to $345.00 and gave the company a buy rating in a research report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $295.60.

Eaton Trading Up 1.4 %

NYSE ETN opened at $331.07 on Tuesday. Eaton has a 12 month low of $165.24 and a 12 month high of $331.97. The stock has a market capitalization of $132.26 billion, a P/E ratio of 40.75, a PEG ratio of 2.69 and a beta of 1.07. The firm’s 50-day moving average is $305.81 and its two-hundred day moving average is $259.67. 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 (NYSE:ETN) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The firm had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $2.06 EPS. On average, sell-side analysts anticipate that Eaton will post 10.28 earnings per share for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.14%. Eaton’s dividend payout ratio is presently 46.88%.

Insider Activity at Eaton

In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the sale, the insider now directly owns 630 shares in the company, valued at $171,360. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the transaction, the insider now owns 630 shares in the company, valued at $171,360. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Heath B. Monesmith sold 13,027 shares of the 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 completion of the sale, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock worth $10,904,774 in the last three months. 0.33% of the stock is owned by company 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.