Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio

It doesn’t matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.

While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.

Is This 1 Momentum Stock a Screaming Buy Right Now?

For momentum investors, upward or downward trends in a stock’s price or earnings outlook take precedent, so they’ll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

Eaton (ETN)

Dublin, Ireland-based Eaton Corporation plc is a diversified power management company and a global technology leader in electrical components and systems. It sells products in more than 175 countries and has 92,000 employees. The company was founded in 1916.

ETN boasts a Momentum Style Score of B and VGM Score of B, and holds a Zacks Rank #3 (Hold) rating. Shares of Eaton has seen some interesting price action recently; the stock is up 3.9% over the past one week and up 13.5% over the past four weeks. And in the last one-year period, ETN has gained 39.5%. As for the stock’s trading volume, 2,353,081.75 shares on average were traded over the last 20 days.

A company’s earnings performance is important for momentum investors as well. For fiscal 2023, six analysts revised their earnings estimate higher in the last 60 days for ETN, while the Zacks Consensus Estimate has increased $0.16 to $8.97 per share. ETN also boasts an average earnings surprise of 4.2%.

With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding ETN to their portfolios.

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Eaton Corporation, PLC (ETN) : Free Stock Analysis Report

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