Eaton (NYSE:ETN) Updates FY24 Earnings Guidance

by · The Cerbat Gem

Eaton (NYSE:ETN – Get Free Report) updated its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $10.75-10.81 for the period, compared to the consensus estimate of $10.73. Eaton also updated its FY 2024 guidance to 10.750-10.810 EPS.

Analysts Set New Price Targets

ETN has been the subject of a number of research analyst reports. Morgan Stanley assumed coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Jefferies Financial Group boosted their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Citigroup initiated coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price target for the company. Finally, Wells Fargo & Company raised their target price on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $341.00.

Read Our Latest Research Report on Eaton

Eaton Trading Up 1.0 %

ETN traded up $3.42 during trading on Friday, hitting $335.00. The company’s stock had a trading volume of 2,369,253 shares, compared to its average volume of 1,542,622. Eaton has a twelve month low of $211.99 and a twelve month high of $349.74. The stock has a market cap of $133.36 billion, a PE ratio of 35.64, a PEG ratio of 2.53 and a beta of 1.01. The firm’s 50 day moving average price is $323.09 and its 200-day moving average price is $318.31. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.07.

Eaton (NYSE:ETN – Get Free Report) last released 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 return on equity of 21.97% and a net margin of 15.32%. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same period in the prior year, the firm posted $2.47 earnings per share. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, analysts expect that Eaton will post 10.75 earnings per share for the current year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be issued a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.12%. Eaton’s payout ratio is 40.00%.

Insiders Place Their Bets

In other news, Director Dorothy C. Thompson bought 2,205 shares of Eaton stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction 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 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dorothy C. Thompson purchased 2,205 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares in the company, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders have sold a total of 52,511 shares of company stock valued at $15,809,326 over the last quarter. Company insiders own 0.53% of the company’s stock.

Eaton Company Profile

(Get Free Report)

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.

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