Eaton (NYSE:ETN) Updates FY 2024 Earnings Guidance

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

Eaton Stock Up 1.0 %

Shares of ETN traded up $3.42 during midday trading on Friday, reaching $335.00. 2,369,253 shares of the company were exchanged, 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 1-year low of $211.99 and a 1-year high of $349.74. The company has a market cap of $133.36 billion, a price-to-earnings ratio of 36.85, a P/E/G ratio of 2.62 and a beta of 1.02. The stock has a 50-day moving average price of $323.09 and a 200-day moving average price of $318.29.

Eaton (NYSE:ETN) last issued its quarterly earnings data 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. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. Eaton’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the company earned $2.47 earnings per share. Research analysts expect that Eaton will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th 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 1.12%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s payout ratio is 41.36%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Royal Bank of Canada restated an “outperform” rating and set a $374.00 price objective on shares of Eaton in a research note on Friday. Raymond James cut their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Evercore ISI reduced their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Jefferies Financial Group upped their target price on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Finally, Citigroup started coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price objective on the stock. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average target price of $341.00.

Insider Activity

In related news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares in the company, valued at $21,451,287.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. 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. Corporate insiders own 0.53% of the company’s stock.

Eaton Company Profile

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.