Eaton (NYSE:ETN) Updates Q2 2024 Earnings Guidance

Eaton (NYSE:ETN) updated its second quarter 2024 earnings guidance on Tuesday. 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 Analyst Weigh In

Several analysts have commented on the stock. Berenberg Bank boosted their target price on shares of Eaton from $200.00 to $345.00 and gave the stock a buy rating in a research report on Wednesday, March 6th. Mizuho reissued a buy rating and issued a $355.00 target price (up from $340.00) on shares of Eaton in a research report on Wednesday. The Goldman Sachs Group boosted their price objective on shares of Eaton from $287.00 to $328.00 and gave the stock a buy rating in a research note on Friday, March 15th. Evercore ISI boosted their price objective on shares of Eaton from $262.00 to $308.00 and gave the stock an outperform rating in a research note on Tuesday, February 20th. Finally, Citigroup boosted their price objective on shares of Eaton from $270.00 to $310.00 and gave the stock a buy rating in a research note on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $309.60.

Eaton Stock Performance

Eaton stock traded down $0.36 on Thursday, hitting $311.67. The company’s stock had a trading volume of 1,650,770 shares, compared to its average volume of 2,023,301. The firm has a market cap of $124.51 billion, a P/E ratio of 36.42, a price-to-earnings-growth ratio of 2.63 and a beta of 1.06. The company has a quick ratio of 1.02, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. The company has a fifty day moving average price of $307.35 and a 200-day moving average price of $260.80. Eaton has a one year low of $165.24 and a one year high of $333.05.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the prior year, the firm earned $1.88 EPS. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts anticipate that Eaton will post 10.33 earnings per share for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s payout ratio is 44.39%.

Insider Transactions at Eaton

In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the 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 sale, the insider now owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Eaton news, insider Peter Denk sold 1,731 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the sale, the insider now owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,969 shares of company stock valued at $10,904,774. 0.53% 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.