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Why Eaton (ETN) Dipped More Than Broader Market Today
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Eaton (ETN - Free Report) ended the recent trading session at $317.10, demonstrating a -0.53% swing from the preceding day's closing price. This change lagged the S&P 500's daily loss of 0.46%. At the same time, the Dow lost 0.98%, and the tech-heavy Nasdaq lost 0.64%.
Shares of the power management company have appreciated by 1.4% over the course of the past month, outperforming the Industrial Products sector's loss of 2.71% and the S&P 500's loss of 3.04%.
The investment community will be closely monitoring the performance of Eaton in its forthcoming earnings report. The company is scheduled to release its earnings on April 30, 2024. In that report, analysts expect Eaton to post earnings of $2.28 per share. This would mark year-over-year growth of 21.28%. Alongside, our most recent consensus estimate is anticipating revenue of $5.9 billion, indicating a 7.62% upward movement from the same quarter last 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.
Investors should also note any recent changes to analyst estimates for Eaton. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually 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 presently being traded at a Forward P/E ratio of 31.01. This signifies a premium in comparison to the average Forward P/E of 21.45 for its industry.
We can additionally observe that ETN currently boasts a PEG ratio of 2.64. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Manufacturing - Electronics industry was having an average PEG ratio of 1.99.
The Manufacturing - Electronics industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 154, which puts it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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) Dipped More Than Broader Market Today
Eaton (ETN - Free Report) ended the recent trading session at $317.10, demonstrating a -0.53% swing from the preceding day's closing price. This change lagged the S&P 500's daily loss of 0.46%. At the same time, the Dow lost 0.98%, and the tech-heavy Nasdaq lost 0.64%.
Shares of the power management company have appreciated by 1.4% over the course of the past month, outperforming the Industrial Products sector's loss of 2.71% and the S&P 500's loss of 3.04%.
The investment community will be closely monitoring the performance of Eaton in its forthcoming earnings report. The company is scheduled to release its earnings on April 30, 2024. In that report, analysts expect Eaton to post earnings of $2.28 per share. This would mark year-over-year growth of 21.28%. Alongside, our most recent consensus estimate is anticipating revenue of $5.9 billion, indicating a 7.62% upward movement from the same quarter last 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.
Investors should also note any recent changes to analyst estimates for Eaton. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually 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 presently being traded at a Forward P/E ratio of 31.01. This signifies a premium in comparison to the average Forward P/E of 21.45 for its industry.
We can additionally observe that ETN currently boasts a PEG ratio of 2.64. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Manufacturing - Electronics industry was having an average PEG ratio of 1.99.
The Manufacturing - Electronics industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 154, which puts it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.