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

Several brokerages recently issued reports on ETN. Barclays raised shares of Eaton from an underweight rating to an equal weight rating and upped their price objective for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Evercore ISI upped their price objective on shares of Eaton from $262.00 to $308.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Citigroup upped their price objective on shares of Eaton from $270.00 to $310.00 and gave the company a buy rating in a research note on Friday, February 2nd. Bank of America increased their price target on shares of Eaton from $320.00 to $330.00 and gave the company a buy rating in a research note on Monday, March 18th. Finally, Argus increased their price target on shares of Eaton from $290.00 to $350.00 and gave the company a buy rating in a research note on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $309.60.

Eaton Price Performance

ETN traded up $0.51 during midday trading on Thursday, reaching $312.54. 1,922,526 shares of the company’s stock were exchanged, compared to its average volume of 2,026,339. 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 stock has a market capitalization of $124.86 billion, a PE ratio of 36.42, a P/E/G ratio of 2.63 and a beta of 1.06. The business’s 50-day moving average price is $307.35 and its 200 day moving average price is $260.80. Eaton has a 1-year low of $165.24 and a 1-year high of $333.05.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the previous year, the firm posted $1.88 earnings per share. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. As a group, equities analysts anticipate that Eaton will post 10.33 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.20%. Eaton’s payout ratio is currently 44.39%.

Insider Transactions at Eaton

In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the sale, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Peter Denk sold 1,731 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the transaction, the insider now owns 5,514 shares in the company, valued at $1,593,380.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,969 shares of company stock valued at $10,904,774. Corporate insiders own 0.53% of the company’s stock.

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.