Eaton (NYSE:ETN) Releases FY24 Earnings Guidance

by · The Cerbat Gem

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

Analyst Ratings Changes

A number of research firms have recently issued reports on ETN. Raymond James dropped their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Morgan Stanley assumed coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Evercore ISI lowered 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. Wells Fargo & Company increased their price target on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Mizuho lifted their price objective on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $341.00.

Get Our Latest Stock Analysis on ETN

Eaton Price Performance

Shares of ETN stock traded up $3.42 during mid-day trading on Friday, reaching $335.00. The stock had a trading volume of 2,369,253 shares, compared to its average volume of 1,542,622. Eaton has a 12-month low of $211.99 and a 12-month high of $349.74. The company has a current ratio of 1.53, a quick ratio of 1.07 and a debt-to-equity ratio of 0.45. The business has a 50-day simple moving average of $323.09 and a 200 day simple moving average of $318.31. The company has a market cap of $133.36 billion, a P/E ratio of 35.64, a price-to-earnings-growth ratio of 2.53 and a beta of 1.01.

Eaton (NYSE:ETN – Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the prior year, the firm earned $2.47 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Eaton will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

The business 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. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.12%. Eaton’s dividend payout ratio (DPR) is 40.00%.

Insider Buying and Selling

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 71,262 shares of the company’s stock, valued at $21,451,287.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Michael Yelton sold 3,136 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is owned by corporate insiders.

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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