Q3 2024 Earnings Estimate for Eaton Co. plc (NYSE:ETN) Issued By Zacks Research

Eaton Co. plc (NYSE:ETN) – Stock analysts at Zacks Research lowered their Q3 2024 earnings estimates for Eaton in a research report issued on Wednesday, August 30th. Zacks Research analyst J. Saha now forecasts that the industrial products company will post earnings of $2.60 per share for the quarter, down from their prior forecast of $2.61. The consensus estimate for Eaton’s current full-year earnings is $8.80 per share.

Other equities research analysts have also recently issued reports about the stock. UBS Group boosted their price target on shares of Eaton from $205.00 to $210.00 in a research report on Thursday, May 11th. Wells Fargo & Company boosted their price objective on Eaton from $180.00 to $195.00 in a report on Monday, July 10th. Barclays boosted their price objective on Eaton from $170.00 to $198.00 and gave the stock an “underweight” rating in a report on Wednesday, August 2nd. Wolfe Research cut Eaton from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 11th. Finally, Argus boosted their price target on Eaton from $195.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Eaton currently has a consensus rating of “Hold” and a consensus target price of $211.93.

Eaton Price Performance

Shares of NYSE ETN opened at $233.67 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.53 and a debt-to-equity ratio of 0.49. The firm’s 50-day simple moving average is $211.36 and its 200 day simple moving average is $186.19. Eaton has a fifty-two week low of $129.85 and a fifty-two week high of $233.98. The stock has a market cap of $93.23 billion, a P/E ratio of 34.52, a P/E/G ratio of 2.21 and a beta of 1.12.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.10. Eaton had a net margin of 12.29% and a return on equity of 19.06%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter in the previous year, the company posted $1.87 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year.

Institutional Investors Weigh In On Eaton

A number of hedge funds have recently modified their holdings of the business. Western Wealth Management LLC raised its position in shares of Eaton by 2.3% during the second quarter. Western Wealth Management LLC now owns 10,426 shares of the industrial products company’s stock worth $2,097,000 after purchasing an additional 239 shares during the period. Strategy Asset Managers LLC grew its holdings in shares of Eaton by 9.6% during the second quarter. Strategy Asset Managers LLC now owns 32,334 shares of the industrial products company’s stock worth $6,502,000 after buying an additional 2,843 shares in the last quarter. Headinvest LLC grew its holdings in shares of Eaton by 3.1% during the second quarter. Headinvest LLC now owns 8,657 shares of the industrial products company’s stock worth $1,890,000 after buying an additional 261 shares in the last quarter. CCM Investment Advisers LLC grew its holdings in shares of Eaton by 0.5% during the second quarter. CCM Investment Advisers LLC now owns 94,698 shares of the industrial products company’s stock worth $19,044,000 after buying an additional 499 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of Eaton by 109.0% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 131,664 shares of the industrial products company’s stock worth $26,477,000 after buying an additional 68,666 shares in the last quarter. Institutional investors and hedge funds own 81.02% of the company’s stock.

Insider Transactions at Eaton

In related news, insider Taras G. Jr. Szmagala sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $183.93, for a total value of $367,860.00. Following the transaction, the insider now owns 7,300 shares in the company, valued at $1,342,689. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Taras G. Jr. Szmagala sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $183.93, for a total value of $367,860.00. Following the transaction, the insider now owns 7,300 shares in the company, valued at $1,342,689. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Heath B. Monesmith sold 9,831 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $221.12, for a total value of $2,173,830.72. Following the completion of the transaction, the insider now directly owns 57,217 shares in the company, valued at approximately $12,651,823.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 120,650 shares of company stock worth $26,448,471. Insiders own 0.53% of the company’s stock.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Monday, August 7th were issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 1.47%. The ex-dividend date was Friday, August 4th. Eaton’s payout ratio is presently 50.81%.

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.