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Eaton Corporation (ETN) Reaches New Lifetime High Today

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Trade-Ideas LLC identified Eaton Corporation (ETN) as a new lifetime high candidate. In addition to specific proprietary factors, Trade-Ideas identified Eaton Corporation as such a stock due to the following factors:

  • ETN has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $177.5 million.
  • ETN has traded 1.9 million shares today.
  • ETN is trading at a new lifetime high.

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More details on ETN:

Eaton Corporation plc operates as a diversified power management company worldwide. The company operates through Electrical Americas, Electrical Rest of World, Cooper, Hydraulics, Aerospace, Truck, and Automotive segments. The stock currently has a dividend yield of 2.4%. ETN has a PE ratio of 21.4. Currently there are 12 analysts that rate Eaton Corporation a buy, 1 analyst rates it a sell, and 4 rate it a hold.

The average volume for Eaton Corporation has been 2.7 million shares per day over the past 30 days. The stock has a beta of 1.61 and a short float of 1% with 1.73 days to cover. Shares are up 31% year to date as of the close of trading on Tuesday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

TheStreetRatings.com Analysis:

TheStreet Quant Ratings rates Eaton Corporation as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, increase in net income, reasonable valuation levels and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity.

Highlights from the ratings report include:

  • The revenue growth greatly exceeded the industry average of 10.4%. Since the same quarter one year prior, revenues rose by 41.9%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share.
  • Investors have apparently begun to recognize positive factors similar to those we have mentioned in this report, including earnings growth. This has helped drive up the company's shares by a sharp 39.09% over the past year, a rise that has exceeded that of the S&P 500 Index. Regarding the stock's future course, although almost any stock can fall in a broad market decline, ETN should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
  • The net income growth from the same quarter one year ago has greatly exceeded that of the S&P 500, but is less than that of the Electrical Equipment industry average. The net income increased by 47.8% when compared to the same quarter one year prior, rising from $345.00 million to $510.00 million.
  • EATON CORP PLC's earnings per share improvement from the most recent quarter was slightly positive. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, EATON CORP PLC reported lower earnings of $3.51 versus $3.94 in the prior year. This year, the market expects an improvement in earnings ($4.12 versus $3.51).

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