Eaton (NYSE:ETN) Issues Q2 2024 Earnings Guidance

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Mizuho increased their target price on shares of Eaton from $300.00 to $340.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. The Goldman Sachs Group increased their price objective on shares of Eaton from $287.00 to $328.00 and gave the stock a buy rating in a report on Friday, March 15th. Berenberg Bank increased their price objective on shares of Eaton from $200.00 to $345.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Bank of America increased their price objective on shares of Eaton from $320.00 to $330.00 and gave the stock a buy rating in a report on Monday, March 18th. Finally, Evercore ISI raised their target price on shares of Eaton from $262.00 to $308.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Eaton presently has an average rating of Moderate Buy and an average price target of $295.60.

Eaton Stock Down 3.0 %

Shares of NYSE:ETN traded down $9.75 during midday trading on Tuesday, hitting $316.76. The stock had a trading volume of 2,888,252 shares, compared to its average volume of 1,981,327. Eaton has a 12 month low of $165.24 and a 12 month high of $333.06. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The business’s 50-day simple moving average is $305.81 and its 200-day simple moving average is $259.67. The company has a market cap of $126.55 billion, a P/E ratio of 40.75, a PEG ratio of 2.69 and a beta of 1.07.

Eaton (NYSE:ETN) last released 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. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The business had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same period last year, the business earned $2.06 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts forecast that Eaton will post 10.28 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.19%. Eaton’s dividend payout ratio (DPR) is 46.88%.

Insiders Place Their Bets

In other Eaton news, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the completion of the transaction, the insider now directly owns 630 shares of the company’s stock, valued at $171,360. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the transaction, the insider now directly owns 630 shares of the company’s stock, valued at approximately $171,360. The disclosure for this sale can be found here. Insiders sold a total of 38,969 shares of company stock valued at $10,904,774 over the last ninety days. 0.33% of the stock is currently owned by company 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.