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 Q4 2024 guidance to 2.780-2.840 EPS.

Eaton Price Performance

ETN stock opened at $342.81 on Thursday. The company has a market capitalization of $136.47 billion, a PE ratio of 37.71, a P/E/G ratio of 2.62 and a beta of 1.02. The stock’s 50 day moving average is $321.71 and its two-hundred day moving average is $318.06. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton has a 52-week low of $198.68 and a 52-week high of $349.74.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Analysts predict that Eaton will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio is presently 41.36%.

Analysts Set New Price Targets

ETN has been the topic of a number of recent research reports. Mizuho raised their target price on shares of Eaton from $355.00 to $365.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Citigroup began coverage on shares of Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price objective on the stock. Raymond James reduced their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Jefferies Financial Group increased their target price on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Finally, Wells Fargo & Company upped their price objective on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $340.06.

Insider Buying and Selling

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karenann K. Terrell acquired 500 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the purchase, the director now directly owns 500 shares of the company’s stock, valued at approximately $149,485. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 52,511 shares of company stock worth $15,809,326. 0.33% of the stock is owned by insiders.

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.