Eaton (NYSE:ETN) Releases FY 2024 Earnings Guidance

Eaton (NYSE:ETN) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 10.650-10.750 for the period, compared to the consensus earnings per share estimate of 10.530. The company issued revenue guidance of -. Eaton also updated its Q3 2024 guidance to 2.730-2.830 EPS.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ETN. Royal Bank of Canada upgraded Eaton from a sector perform rating to an outperform rating and increased their target price for the company from $286.00 to $371.00 in a research report on Friday, April 5th. Raymond James assumed coverage on shares of Eaton in a research report on Friday, June 28th. They set an outperform rating and a $375.00 price target for the company. Argus lifted their price objective on Eaton from $290.00 to $350.00 and gave the stock a buy rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. raised their target price on Eaton from $279.00 to $325.00 and gave the company an overweight rating in a research report on Wednesday, May 1st. Finally, Jefferies Financial Group increased their price objective on Eaton from $370.00 to $385.00 and gave the company a buy rating in a research note on Thursday, July 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $323.06.

Eaton Trading Up 6.1 %

NYSE ETN opened at $304.79 on Thursday. Eaton has a 52 week low of $191.82 and a 52 week high of $345.19. The stock has a market cap of $121.86 billion, a P/E ratio of 35.98, a PEG ratio of 2.40 and a beta of 1.02. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. The company’s fifty day simple moving average is $319.95 and its 200-day simple moving average is $304.83.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same period in the previous year, the company earned $1.88 earnings per share. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. Equities research analysts predict that Eaton will post 10.56 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be paid a $0.94 dividend. The ex-dividend date is Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.23%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Activity

In related news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the sale, the insider now directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.53% of the company’s stock.

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.