Investopedia: Eaton - Well-Balanced But Forever A Bridesmaid?

Even granting that Eaton (NYSE:ETN) has never had the greatest return on invested capital of industrial conglomerates, nor the highest conversion rate of revenue into free cash, the company and stock seem often overlooked. After all, this is a company that is well-balanced between many industrial markets and across the economic cycle. Yet, analysts and institutional investors seem to always be looking to move the brass ring just a little further out of reach. 

A Respectable Third Quarter  
Perhaps part of the problem with Eaton is that they don't post the eye-popping growth that investors get from Cummins (NYSE:CMI) or Caterpillar (NYSE:CAT). After all, growth in the third quarter was a bit under 16% as reported and about 11% on an organic basis - clearly less than that seen at CAT/CMI, though in line with others like Parker Hannifin (NYSE:PH) and Honeywell (NYSE:HON) that compete in many of the same end markets.

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http://stocks.investopedia.com/stock-analysis/2011/Eaton--Well-Balanced-But-Forever-A-Bridesmaid-ETN-CMI-CAT-PH-HON-EMR-SI1027.aspx