Eaton is one of the best accidental high-yielding stocks today, Cramer said. The Cleveland-based company makes an array of electrical components and systems, including those for the auto and aerospace industries. Despite weakness in the global economy, Eaton remains a top brand in each of its markets thanks to superior technology. Cramer thinks that going forward its end markets will continue to gain strength. Its strong balance sheet is also a plus.
This stock is cheap on both a yield and earnings basis, Cramer said. It boasts a 3.2 percent dividend yield. As an accidental high-yielder, its yield will rise as the stock price falls. So those interested in playing this stock should buy in wide scales on the way down based on the yield. If an investor wants to buy 100 shares, for example, he or she should buy no more than 20 shares at current levels. The next purchase should be at the $34.50 level, where it yields 4 percent. Should the stock fall to $32 a share and yield 4.25 percent, Cramer recommends investors "back up the truck."
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