Brokers Issue Forecasts for Eaton Co. plc’s Q3 2022 Earnings (NYSE:ETN)

Eaton Co. plc (NYSE:ETNGet Rating) – KeyCorp lowered their Q3 2022 earnings estimates for Eaton in a report issued on Tuesday, August 2nd. KeyCorp analyst J. Hammond now forecasts that the industrial products company will post earnings of $2.01 per share for the quarter, down from their previous estimate of $2.07. The consensus estimate for Eaton’s current full-year earnings is $7.51 per share. KeyCorp also issued estimates for Eaton’s Q4 2022 earnings at $2.03 EPS, FY2022 earnings at $7.53 EPS and FY2023 earnings at $8.25 EPS.

Eaton (NYSE:ETNGet Rating) last announced its earnings results on Tuesday, August 2nd. The industrial products company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.05. Eaton had a net margin of 11.70% and a return on equity of 17.04%. The business had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $5.22 billion. During the same quarter in the prior year, the firm posted $1.72 earnings per share. The business’s revenue for the quarter was down .1% on a year-over-year basis.

Other research analysts have also recently issued reports about the stock. StockNews.com upgraded shares of Eaton from a “hold” rating to a “buy” rating in a report on Friday, July 8th. Mizuho upped their price target on shares of Eaton from $145.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday. UBS Group cut their price target on shares of Eaton from $192.00 to $173.00 and set a “buy” rating on the stock in a report on Wednesday. Royal Bank of Canada upped their price target on shares of Eaton from $139.00 to $145.00 and gave the stock a “sector perform” rating in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Eaton from $178.00 to $156.00 and set a “buy” rating on the stock in a report on Wednesday, July 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $161.33.

Eaton Trading Down 0.0 %

Shares of ETN opened at $148.65 on Friday. Eaton has a twelve month low of $122.50 and a twelve month high of $175.72. The company has a market cap of $59.31 billion, a P/E ratio of 25.76, a P/E/G ratio of 1.80 and a beta of 1.19. The company has a current ratio of 0.97, a quick ratio of 0.59 and a debt-to-equity ratio of 0.38. The company’s fifty day simple moving average is $134.53 and its 200-day simple moving average is $144.12.

Hedge Funds Weigh In On Eaton

Hedge funds and other institutional investors have recently modified their holdings of the stock. Stonnington Group LLC raised its position in shares of Eaton by 11.1% in the 1st quarter. Stonnington Group LLC now owns 13,010 shares of the industrial products company’s stock valued at $1,851,000 after purchasing an additional 1,300 shares during the last quarter. Rosenberg Matthew Hamilton raised its position in shares of Eaton by 54.6% in the 1st quarter. Rosenberg Matthew Hamilton now owns 779 shares of the industrial products company’s stock valued at $118,000 after purchasing an additional 275 shares during the last quarter. Princeton Global Asset Management LLC raised its position in Eaton by 588.6% during the 1st quarter. Princeton Global Asset Management LLC now owns 241 shares of the industrial products company’s stock worth $37,000 after buying an additional 206 shares during the last quarter. MTM Investment Management LLC raised its position in Eaton by 34.2% during the 4th quarter. MTM Investment Management LLC now owns 2,355 shares of the industrial products company’s stock worth $407,000 after buying an additional 600 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its position in Eaton by 0.8% during the 1st quarter. Louisiana State Employees Retirement System now owns 25,200 shares of the industrial products company’s stock worth $3,764,000 after buying an additional 200 shares during the last quarter. 79.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eaton

In other Eaton news, insider Boise April Miller sold 12,283 shares of the stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $138.66, for a total transaction of $1,703,160.78. Following the completion of the sale, the insider now directly owns 11,435 shares of the company’s stock, valued at $1,585,577.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.56% of the company’s stock.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 26th. Shareholders of record on Friday, August 12th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Thursday, August 11th. Eaton’s payout ratio is 56.15%.

About Eaton

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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.

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Earnings History and Estimates for Eaton (NYSE:ETN)

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