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Eaton Corporation plc (ETN) Rose on Earnings Guidance

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. After a robust first half of the year, the S&P 500 Index declined 3.3% in the third quarter, leaving the market up 13.1% through the first nine months of 2023. On a relative basis, this year has not been good for the fund’s investment strategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like Eaton Corporation plc (NYSE:ETN) in the third quarter 2023 investor letter. Headquartered in Dublin, Ireland, Eaton Corporation plc (NYSE:ETN) is a power management company. On December 4, 2023, Eaton Corporation plc (NYSE:ETN) stock closed at $228.20 per share. One-month return of Eaton Corporation plc (NYSE:ETN) was 5.44%, and its shares gained 42.30% of their value over the last 52 weeks. Eaton Corporation plc (NYSE:ETN) has a market capitalization of $91.12 billion.

Carillon Eagle Mid Cap Growth Fund made the following comment about Eaton Corporation plc (NYSE:ETN) in its Q3 2023 investor letter:

"Eaton Corporation plc (NYSE:ETN) share prices jumped to all-time highs after the company boosted its earnings guidance for the year. Management noted that demand remains strong, which propelled the company’s sales backlog to a record level. Eaton remains well-positioned to capitalize on re-industrialization in North America and Europe."

An electrical engineer inspecting a wiring accessories product.

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Eaton Corporation plc (NYSE:ETN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Eaton Corporation plc (NYSE:ETN) at the end of third quarter which was 51 in the previous quarter.

We discussed Eaton Corporation plc (NYSE:ETN) in another article and shared Philippe Laffont and his top stock pick. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.