Eaton (NYSE:ETN) Issues Q2 Earnings Guidance

Eaton (NYSE:ETN) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $2.52-2.62 for the period, compared to the consensus EPS estimate of $2.52. Eaton also updated its FY 2024 guidance to 10.200-10.600 EPS.

Analyst Ratings Changes

Several research firms have weighed in on ETN. Bank of America lifted their price objective on shares of Eaton from $320.00 to $330.00 and gave the stock a buy rating in a research report on Monday, March 18th. Mizuho lifted their price target on Eaton from $300.00 to $340.00 and gave the company a buy rating in a report on Wednesday, March 20th. UBS Group raised their price objective on Eaton from $255.00 to $305.00 and gave the stock a buy rating in a research report on Friday, February 2nd. Royal Bank of Canada upgraded Eaton from a sector perform rating to an outperform rating and upped their target price for the company from $286.00 to $371.00 in a report on Friday, April 5th. Finally, Wolfe Research reissued an underperform rating and issued a $312.00 price target on shares of Eaton in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $295.60.

Eaton Stock Up 1.4 %

Eaton stock opened at $331.07 on Tuesday. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43. Eaton has a 1-year low of $165.24 and a 1-year high of $331.97. The firm’s fifty day simple moving average is $305.81 and its 200-day simple moving average is $259.67. The company has a market capitalization of $132.26 billion, a P/E ratio of 40.75, a P/E/G ratio of 2.69 and a beta of 1.07.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.08. The company had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The business’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company earned $2.06 earnings per share. Sell-side analysts forecast that Eaton will post 10.28 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be issued a dividend of $0.94 per share. The ex-dividend date is Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.14%. Eaton’s dividend payout ratio (DPR) is presently 46.88%.

Insider Activity at Eaton

In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 69,472 shares in the company, valued at $20,244,140.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the sale, the insider now owns 5,514 shares in the company, valued at $1,593,380.58. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,969 shares of company stock worth $10,904,774. 0.33% of the stock is owned by 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.