Eaton (NYSE:ETN) Releases FY 2024 Earnings Guidance

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

Eaton Trading Up 1.0 %

Eaton stock traded up $3.42 during mid-day trading on Friday, hitting $335.00. The stock had a trading volume of 2,369,253 shares, compared to its average volume of 2,106,960. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton has a 12 month low of $211.99 and a 12 month high of $349.74. 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. The stock has a 50-day simple moving average of $323.09 and a two-hundred day simple moving average of $318.29.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.47 EPS. As a group, sell-side analysts forecast that Eaton will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is 41.36%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ETN shares. Raymond James decreased their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Jefferies Financial Group boosted their target price on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Citigroup initiated coverage on shares of Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective for the company. Evercore ISI dropped their target price 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, Mizuho raised their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus price target of $341.00.

Insider Buying and Selling

In other news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the transaction, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Karenann K. Terrell bought 500 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was purchased at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the transaction, the director now owns 500 shares of the company’s stock, valued at $149,485. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the transaction, the insider now 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 disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock valued at $15,809,326 over the last quarter. 0.53% 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.