Eaton (NYSE:ETN) Updates FY24 Earnings Guidance

Eaton (NYSE:ETN) updated its FY24 earnings guidance on Thursday. 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.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ETN shares. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Royal Bank of Canada reissued an “outperform” rating and set a $374.00 target price on shares of Eaton in a research note on Friday. Wells Fargo & Company increased their price target on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Barclays reduced their price objective on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday. Finally, Raymond James lowered their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $341.00.

Eaton Stock Up 1.0 %

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

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.47 EPS. On average, equities research analysts anticipate that Eaton will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The firm also recently disclosed 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 of this dividend is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.12%. Eaton’s payout ratio is currently 40.00%.

Insider Buying and Selling

In related news, Director Dorothy C. Thompson purchased 2,205 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Dorothy C. Thompson purchased 2,205 shares of Eaton stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased 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 directly owns 2,205 shares in the company, valued at approximately $662,161.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, 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 shares were purchased at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The disclosure for this purchase can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 over the last 90 days. 0.53% 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.