Eaton (NYSE:ETN) Releases 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.

Eaton Price Performance

NYSE:ETN traded up $6.15 during mid-day trading on Friday, reaching $320.50. 1,764,701 shares of the stock were exchanged, compared to its average volume of 2,036,619. Eaton has a 1-year low of $165.24 and a 1-year high of $333.05. The company has a current ratio of 1.56, a quick ratio of 1.02 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $128.14 billion, a PE ratio of 37.84, a PEG ratio of 2.55 and a beta of 1.06. The business has a fifty day moving average price of $307.97 and a 200 day moving average price of $261.18.

Eaton (NYSE:ETN) last released its 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. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.88 EPS. Research analysts expect that Eaton will post 10.42 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business 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. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of analyst reports. Citigroup lifted their price target on Eaton from $270.00 to $310.00 and gave the stock a buy rating in a research note on Friday, February 2nd. Barclays upgraded shares of Eaton from an underweight rating to an equal weight rating and boosted their price target for the company from $250.00 to $300.00 in a report on Tuesday, April 2nd. JPMorgan Chase & Co. raised their price objective on shares of Eaton from $279.00 to $325.00 and gave the stock an overweight rating in a research note on Wednesday. HSBC increased their target price on Eaton from $240.00 to $280.00 and gave the company a hold rating in a report on Friday. Finally, Royal Bank of Canada upgraded Eaton from a sector perform rating to an outperform rating and lifted their price target for the company from $286.00 to $371.00 in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $314.27.

Insiders Place Their Bets

In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was 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 owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the company’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 completion of the sale, the insider now directly owns 630 shares in the company, valued at $171,360. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the transaction, the insider now directly owns 69,472 shares in the company, valued at $20,244,140.80. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock valued at $10,904,774 over the last ninety days. Corporate insiders own 0.53% 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.