Eaton (NYSE:ETN) Updates Q4 Earnings Guidance

Eaton (NYSE:ETN) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.78-2.84 for the period, compared to the consensus earnings per share estimate of $2.81. Eaton also updated its FY 2024 guidance to 10.750-10.810 EPS.

Wall Street Analyst Weigh In

ETN has been the topic of a number of recent research reports. Mizuho upped their price objective on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday. Evercore ISI cut their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Morgan Stanley assumed coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and set a $374.00 target price on shares of Eaton in a research note on Friday. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $341.00.

Eaton Stock Performance

NYSE:ETN traded up $3.42 during midday trading on Friday, reaching $335.00. The stock had a trading volume of 2,369,253 shares, compared to its average volume of 1,542,622. The stock has a market cap of $133.36 billion, a P/E ratio of 35.64, a P/E/G ratio of 2.53 and a beta of 1.01. The company has a quick ratio of 1.07, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton has a 12-month low of $211.99 and a 12-month high of $349.74. The firm has a fifty day simple moving average of $323.09 and a two-hundred day simple moving average of $318.31.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business’s revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.47 earnings per share. On average, equities analysts expect that Eaton will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.12%. Eaton’s dividend payout ratio is currently 40.00%.

Insider Buying and Selling

In other Eaton news, Director Karenann K. Terrell bought 500 shares of Eaton stock in a transaction on Wednesday, August 21st. The stock was bought at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares in the company, valued at $149,485. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karenann K. Terrell purchased 500 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was purchased at an average price of $298.97 per share, with a total value of $149,485.00. Following the transaction, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The disclosure for this purchase can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 over the last quarter. Company insiders own 0.53% of the company’s stock.

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.