5 Industrial Goods Stocks Driving The Sector Higher

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.

All three major indices are trading up today with the Dow Jones Industrial Average ( ^DJI) trading up 64 points (0.4%) at 16,322 as of Tuesday, Jan. 14, 2014, 11:55 AM ET. The NYSE advances/declines ratio sits at 2,125 issues advancing vs. 788 declining with 156 unchanged.

The Industrial Goods sector currently sits up 0.8% versus the S&P 500, which is up 0.7%. Top gainers within the sector include Rockwell Automation ( ROK), up 2.5%, Stanley Black & Decker ( SWK), up 2.0%, Fastenal Company ( FAST), up 1.9%, Danaher Corporation ( DHR), up 1.8% and Tenaris ( TS), up 1.6%.

TheStreet would like to highlight 5 stocks pushing the sector higher today:

5. Parker Hannifin Corporation ( PH) is one of the companies pushing the Industrial Goods sector higher today. As of noon trading, Parker Hannifin Corporation is up $1.86 (1.5%) to $127.48 on light volume. Thus far, 357,974 shares of Parker Hannifin Corporation exchanged hands as compared to its average daily volume of 963,600 shares. The stock has ranged in price between $125.98-$127.48 after having opened the day at $126.47 as compared to the previous trading day's close of $125.62.

Parker-Hannifin Corporation manufactures motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. Parker Hannifin Corporation has a market cap of $19.0 billion and is part of the industrial industry. The company has a P/E ratio of 20.2, above the S&P 500 P/E ratio of 17.7. Shares are down 2.4% year-to-date as of the close of trading on Monday. Currently there are 9 analysts who rate Parker Hannifin Corporation a buy, 1 analyst rates it a sell, and 3 rate it a hold.

TheStreet Ratings rates Parker Hannifin Corporation as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. Get the full Parker Hannifin Corporation Ratings Report now.

3x UPSIDE POTENTIAL: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

4. As of noon trading, Illinois Tool Works ( ITW) is up $0.76 (0.9%) to $81.88 on light volume. Thus far, 484,374 shares of Illinois Tool Works exchanged hands as compared to its average daily volume of 1.8 million shares. The stock has ranged in price between $81.12-$81.91 after having opened the day at $81.40 as compared to the previous trading day's close of $81.11.

Illinois Tool Works Inc. manufactures and sells a range of industrial products and equipment worldwide. Illinois Tool Works has a market cap of $36.6 billion and is part of the industrial industry. The company has a P/E ratio of 15.8, below the S&P 500 P/E ratio of 17.7. Shares are down 3.5% year-to-date as of the close of trading on Monday. Currently there are 8 analysts who rate Illinois Tool Works a buy, 2 analysts rate it a sell, and 6 rate it a hold.

TheStreet Ratings rates Illinois Tool Works as a buy. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins, solid stock price performance and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income. Get the full Illinois Tool Works Ratings Report now.

3x UPSIDE POTENTIAL: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

3. As of noon trading, Eaton Corporation ( ETN) is up $1.14 (1.5%) to $75.21 on heavy volume. Thus far, 2.0 million shares of Eaton Corporation exchanged hands as compared to its average daily volume of 2.6 million shares. The stock has ranged in price between $73.89-$75.55 after having opened the day at $74.17 as compared to the previous trading day's close of $74.07.

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. Eaton Corporation has a market cap of $36.2 billion and is part of the industrial industry. The company has a P/E ratio of 23.1, above the S&P 500 P/E ratio of 17.7. Shares are down 2.7% year-to-date as of the close of trading on Monday. Currently there are 12 analysts who rate Eaton Corporation a buy, no analysts rate it a sell, and 4 rate it a hold.

TheStreet Ratings rates Eaton Corporation as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, increase in net income and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. Get the full Eaton Corporation Ratings Report now.

3x UPSIDE POTENTIAL: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

2. As of noon trading, Caterpillar ( CAT) is up $0.51 (0.6%) to $90.40 on light volume. Thus far, 1.4 million shares of Caterpillar exchanged hands as compared to its average daily volume of 5.1 million shares. The stock has ranged in price between $89.86-$90.71 after having opened the day at $89.86 as compared to the previous trading day's close of $89.89.

Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. Caterpillar has a market cap of $57.6 billion and is part of the industrial industry. The company has a P/E ratio of 17.2, below the S&P 500 P/E ratio of 17.7. Shares are down 1.0% year-to-date as of the close of trading on Monday. Currently there are 7 analysts who rate Caterpillar a buy, no analysts rate it a sell, and 12 rate it a hold.

TheStreet Ratings rates Caterpillar as a buy. The company's strengths can be seen in multiple areas, such as its good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income. Get the full Caterpillar Ratings Report now.

3x UPSIDE POTENTIAL: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

1. As of noon trading, General Electric ( GE) is up $0.16 (0.6%) to $26.89 on light volume. Thus far, 9.5 million shares of General Electric exchanged hands as compared to its average daily volume of 36.5 million shares. The stock has ranged in price between $26.74-$26.95 after having opened the day at $26.84 as compared to the previous trading day's close of $26.73.

General Electric Company operates as an infrastructure and financial services company worldwide. General Electric has a market cap of $272.8 billion and is part of the industrial industry. The company has a P/E ratio of 19.4, above the S&P 500 P/E ratio of 17.7. Shares are down 4.6% year-to-date as of the close of trading on Monday. Currently there are 6 analysts who rate General Electric a buy, no analysts rate it a sell, and 6 rate it a hold.

TheStreet Ratings rates General Electric as a buy. The company's strengths can be seen in multiple areas, such as its notable return on equity, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income. Get the full General Electric Ratings Report now.

3x UPSIDE POTENTIAL: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

If you are interested in one of these 5 stocks, ETFs may be of interest. Investors who are bullish on the industrial goods sector could consider Industrial Select Sector SPDR ( XLI) while those bearish on the industrial goods sector could consider ProShares Short Dow 30 ( DOG).

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