Eaton (NYSE:ETN) Issues 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 %

ETN opened at $335.00 on Friday. Eaton has a 1-year low of $211.99 and a 1-year 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 stock has a market capitalization of $133.36 billion, a price-to-earnings ratio of 35.64, a P/E/G ratio of 2.53 and a beta of 1.01. The business has a 50 day moving average of $323.09 and a 200-day moving average of $318.31.

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

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.12%. Eaton’s dividend payout ratio (DPR) is currently 40.00%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ETN shares. Mizuho increased their price objective on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday. Evercore ISI lowered their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Morgan Stanley assumed coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Wells Fargo & Company raised their target price on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Jefferies Financial Group lifted their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Four equities 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, the company presently has an average rating of “Moderate Buy” and an average target price of $341.00.

Insider Activity

In other news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’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 sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares in the company, 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. Insiders have sold 52,511 shares of company stock worth $15,809,326 in the last 90 days. 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.