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Eaton (ETN - Free Report) closed at $318.79 in the latest trading session, marking a +1.9% move from the prior day. The stock's performance was ahead of the S&P 500's daily gain of 0.02%. At the same time, the Dow lost 0.11%, and the tech-heavy Nasdaq gained 0.1%.
The power management company's stock has climbed by 0.24% in the past month, exceeding the Industrial Products sector's loss of 2.69% and the S&P 500's loss of 3.01%.
Investors will be eagerly watching for the performance of Eaton in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on April 30, 2024. On that day, Eaton is projected to report earnings of $2.28 per share, which would represent year-over-year growth of 21.28%. In the meantime, our current consensus estimate forecasts the revenue to be $5.9 billion, indicating a 7.62% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $10.28 per share and a revenue of $24.97 billion, signifying shifts of +12.72% and +7.63%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Eaton. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.03% higher. Eaton currently has a Zacks Rank of #2 (Buy).
In terms of valuation, Eaton is currently trading at a Forward P/E ratio of 30.43. This represents a premium compared to its industry's average Forward P/E of 21.19.
It is also worth noting that ETN currently has a PEG ratio of 2.59. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. ETN's industry had an average PEG ratio of 2 as of yesterday's close.
The Manufacturing - Electronics industry is part of the Industrial Products sector. At present, this industry carries a Zacks Industry Rank of 156, placing it within the bottom 39% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Why Eaton (ETN) Outpaced the Stock Market Today
Eaton (ETN - Free Report) closed at $318.79 in the latest trading session, marking a +1.9% move from the prior day. The stock's performance was ahead of the S&P 500's daily gain of 0.02%. At the same time, the Dow lost 0.11%, and the tech-heavy Nasdaq gained 0.1%.
The power management company's stock has climbed by 0.24% in the past month, exceeding the Industrial Products sector's loss of 2.69% and the S&P 500's loss of 3.01%.
Investors will be eagerly watching for the performance of Eaton in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on April 30, 2024. On that day, Eaton is projected to report earnings of $2.28 per share, which would represent year-over-year growth of 21.28%. In the meantime, our current consensus estimate forecasts the revenue to be $5.9 billion, indicating a 7.62% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $10.28 per share and a revenue of $24.97 billion, signifying shifts of +12.72% and +7.63%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Eaton. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.03% higher. Eaton currently has a Zacks Rank of #2 (Buy).
In terms of valuation, Eaton is currently trading at a Forward P/E ratio of 30.43. This represents a premium compared to its industry's average Forward P/E of 21.19.
It is also worth noting that ETN currently has a PEG ratio of 2.59. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. ETN's industry had an average PEG ratio of 2 as of yesterday's close.
The Manufacturing - Electronics industry is part of the Industrial Products sector. At present, this industry carries a Zacks Industry Rank of 156, placing it within the bottom 39% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.