Eaton (NYSE:ETN) Issues FY24 Earnings Guidance

Eaton (NYSE:ETN - Get Free Report) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $10.20-10.60 for the period, compared to the consensus EPS estimate of $10.27. Eaton also updated its FY 2024 guidance to 10.200-10.600 EPS.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ETN. Wolfe Research reaffirmed an underperform rating and issued a $312.00 price target on shares of Eaton in a report on Monday, April 8th. Evercore ISI increased their price target on shares of Eaton from $262.00 to $308.00 and gave the stock an outperform rating in a research report on Tuesday, February 20th. Mizuho boosted their price objective on Eaton from $300.00 to $340.00 and gave the company a buy rating in a report on Wednesday, March 20th. Bank of America upped their price objective on Eaton from $320.00 to $330.00 and gave the company a buy rating in a research note on Monday, March 18th. Finally, UBS Group boosted their price target on Eaton from $255.00 to $305.00 and gave the company a buy rating in a report 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. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $295.60.

Eaton Stock Performance

Shares of ETN traded down $8.15 during midday trading on Tuesday, hitting $318.36. 5,279,264 shares of the stock traded hands, compared to its average volume of 2,011,462. The business's 50 day moving average price is $305.81 and its two-hundred day moving average price is $259.67. The firm has a market capitalization of $127.18 billion, a PE ratio of 40.75, a price-to-earnings-growth ratio of 2.69 and a beta of 1.07. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.02 and a current ratio of 1.51. Eaton has a 1-year low of $165.24 and a 1-year high of $333.05.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.47 by $0.08. The firm had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. Eaton's revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.06 EPS. Equities research analysts predict that Eaton will post 10.28 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.18%. The ex-dividend date is Friday, May 3rd. Eaton's payout ratio is currently 46.88%.

Insider Transactions at Eaton

In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the company's stock in a transaction that occurred on Monday, March 11th. The stock was 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 directly owns 69,472 shares in the company, valued at $20,244,140.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of Eaton 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 transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company's stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total value of $5,395,107.50. Following the sale, the insider now directly owns 29,712 shares of the company's stock, valued at $8,116,427.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,969 shares of company stock valued at $10,904,774. 0.33% of the stock is currently owned by corporate 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.