Brokers Set Expectations for Eaton Co. plc’s Q2 2024 Earnings (NYSE:ETN)

Eaton Co. plc (NYSE:ETN) – Investment analysts at Zacks Research upped their Q2 2024 earnings per share (EPS) estimates for shares of Eaton in a report issued on Thursday, July 25th. Zacks Research analyst J. Saha now expects that the industrial products company will post earnings of $2.59 per share for the quarter, up from their prior estimate of $2.58. The consensus estimate for Eaton’s current full-year earnings is $10.56 per share. Zacks Research also issued estimates for Eaton’s Q4 2024 earnings at $2.80 EPS, FY2024 earnings at $10.54 EPS, Q1 2025 earnings at $2.65 EPS, Q2 2025 earnings at $2.89 EPS, Q3 2025 earnings at $2.99 EPS, Q4 2025 earnings at $3.00 EPS, FY2025 earnings at $11.53 EPS, Q2 2026 earnings at $3.38 EPS and FY2026 earnings at $13.40 EPS.

A number of other analysts have also recently weighed in on ETN. JPMorgan Chase & Co. increased their price target on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Barclays increased their target price on Eaton from $316.00 to $318.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Raymond James began coverage on shares of Eaton in a 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 shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Finally, Jefferies Financial Group upped their target price on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $323.06.

Eaton Trading Down 3.2 %

NYSE ETN opened at $287.22 on Monday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The company has a 50-day simple moving average of $320.58 and a 200-day simple moving average of $304.83. Eaton has a one year low of $191.82 and a one year high of $345.19. The firm has a market capitalization of $114.83 billion, a PE ratio of 33.91, a price-to-earnings-growth ratio of 2.49 and a beta of 1.02.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating 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 firm had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the firm earned $1.88 earnings per share. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Insider Activity

In other Eaton news, insider Peter Denk sold 2,416 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the sale, the insider now directly owns 5,086 shares in the company, valued at $1,687,738.24. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ETN. Norges Bank acquired a new position in shares of Eaton in the 4th quarter worth $1,087,983,000. Capital World Investors raised its holdings in Eaton by 323.8% during the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after buying an additional 2,439,270 shares during the period. Jennison Associates LLC lifted its stake in Eaton by 2,857.4% during the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after buying an additional 1,219,790 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Eaton by 2,006.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock worth $232,326,000 after buying an additional 918,936 shares during the period. Finally, Swedbank AB purchased a new position in shares of Eaton in the second quarter worth approximately $225,974,000. Institutional investors and hedge funds own 82.97% 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.