Eaton (NYSE:ETN) Issues Q2 2024 Earnings Guidance

Eaton (NYSE:ETN) updated its second quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 2.520-2.620 for the period, compared to the consensus EPS estimate of 2.500. The company issued revenue guidance of -. Eaton also updated its FY 2024 guidance to 10.200-10.600 EPS.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. UBS Group upped their price target on shares of Eaton from $255.00 to $305.00 and gave the stock a buy rating in a research report on Friday, February 2nd. The Goldman Sachs Group boosted their price objective on Eaton from $287.00 to $328.00 and gave the stock a buy rating in a report on Friday, March 15th. Mizuho upped their target price on Eaton from $300.00 to $340.00 and gave the company a buy rating in a report on Wednesday, March 20th. Royal Bank of Canada upgraded Eaton from a sector perform rating to an outperform rating and increased their price objective for the stock from $286.00 to $371.00 in a report on Friday, April 5th. Finally, Citigroup increased their price objective on Eaton from $270.00 to $310.00 and gave the stock a buy rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $295.60.

Eaton Price Performance

Eaton stock traded down $9.75 during mid-day trading on Tuesday, hitting $316.76. 2,888,252 shares of the company were exchanged, compared to its average volume of 1,981,327. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The business has a fifty day moving average of $305.81 and a 200 day moving average of $259.67. Eaton has a 1-year low of $165.24 and a 1-year high of $333.06. The company has a market capitalization of $126.55 billion, a PE ratio of 40.75, a price-to-earnings-growth ratio of 2.69 and a beta of 1.07.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.08. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The firm had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same period in the prior year, the company posted $2.06 earnings per share. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, sell-side analysts expect that Eaton will post 10.28 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be paid a $0.94 dividend. 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 1.19%. Eaton’s dividend payout ratio (DPR) is presently 46.88%.

Insider Activity

In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares in the company, valued at $8,116,427.04. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the firm’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 in the company, valued at $20,244,140.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,969 shares of company stock worth $10,904,774. 0.33% of the stock is owned by corporate 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.