Investors interested in Industrial Products stocks should always be looking to find the best-performing companies in the group. Has Eaton (ETN) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Industrial Products peers, we might be able to answer that question.
Eaton is a member of the Industrial Products sector. This group includes 187 individual stocks and currently holds a Zacks Sector Rank of #9. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Eaton is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ETN's full-year earnings has moved 0.2% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, ETN has moved about 25.6% on a year-to-date basis. Meanwhile, stocks in the Industrial Products group have gained about 16.3% on average. This means that Eaton is outperforming the sector as a whole this year.
One other Industrial Products stock that has outperformed the sector so far this year is Gorman-Rupp (GRC). The stock is up 67% year-to-date.
The consensus estimate for Gorman-Rupp's current year EPS has increased 12.1% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Eaton belongs to the Manufacturing - Electronics industry, which includes 14 individual stocks and currently sits at #102 in the Zacks Industry Rank. On average, stocks in this group have gained 18.7% this year, meaning that ETN is performing better in terms of year-to-date returns.
On the other hand, Gorman-Rupp belongs to the Manufacturing - General Industrial industry. This 41-stock industry is currently ranked #52. The industry has moved +6.4% year to date.
Eaton and Gorman-Rupp could continue their solid performance, so investors interested in Industrial Products stocks should continue to pay close attention to these stocks.
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Eaton Corporation, PLC (ETN): Free Stock Analysis Report
Gorman-Rupp Company (The) (GRC): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).