Some of the diversified industrial stocks are coming into buying range, imo.
I've been a fan of Parker-Hannifin although I missed the last good buying opportunity when stock was much lower a few years ago. I'm considering entering for a tracking position.
I'm looking at Eaton now, and I've bought a few shares to track it. I like ETN for its p/e (relatively low) and its product diversity and it geographical diversity. While some aspects of the company aren't doing well or aren't expected to do well (compared to recent past) - truck, aerospace, auto - I suspect it's part of the cyclical nature of the businesses. ETN's other businesses, especially Electrical - Eaton's largest sales generator, are expected to do ok next year. Ditto for hydraulics segment. ETN is involved in hybrid vehicles - I don't know to what volume or profit extent, but the "hybrid manufacturer" aspect might at some point get more positive attention from potential stock buyers.
Analysts project earnings estimates for ETN higher next year than earnings for this year. (OTOH, since part of this company's strategy is to grow by acquisitions and there have been several recent purchases, organic growth may not be so great.) In the past few years, the dividend has been raised each year, and the current dividend yield now is 2.8%.
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