Eaton (NYSE:ETN) Updates Q2 2024 Earnings Guidance

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ETN shares. Berenberg Bank increased their price objective on shares of Eaton from $200.00 to $345.00 and gave the company a buy rating in a research note on Wednesday, March 6th. The Goldman Sachs Group lifted their price target on Eaton from $287.00 to $328.00 and gave the stock a buy rating in a research note on Friday, March 15th. Evercore ISI increased their target price on Eaton from $262.00 to $308.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. Wolfe Research reiterated an underperform rating and issued a $312.00 price target on shares of Eaton in a report on Monday, April 8th. Finally, Citigroup raised their price objective on Eaton from $270.00 to $310.00 and gave the stock a buy rating in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $295.60.

Eaton Stock Performance

Shares of ETN opened at $326.84 on Tuesday. Eaton has a 12-month low of $165.24 and a 12-month high of $331.47. The stock has a market capitalization of $130.57 billion, a P/E ratio of 40.75, a P/E/G ratio of 2.69 and a beta of 1.07. The firm’s 50 day moving average is $305.81 and its 200-day moving average is $259.67. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 earnings per share 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 business had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same period last year, the company posted $2.06 EPS. The company’s revenue was up 10.8% compared to the same quarter last year. Equities research analysts anticipate that Eaton will post 10.28 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.15%. The ex-dividend date is Friday, May 3rd. Eaton’s payout ratio is 46.88%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the sale, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were 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 of the company’s stock, valued at $20,244,140.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Olivier Leonetti sold 4,461 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the transaction, the insider now owns 630 shares in the company, valued at approximately $171,360. The disclosure for this sale can be found here. Insiders have sold a total of 38,969 shares of company stock valued at $10,904,774 in the last 90 days. 0.33% of the stock is currently 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.