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Eaton Corporation plc (ETN) Surged on Multiple Tailwinds

Investment management company Ave Maria recently released its “Ave Maria World Equity Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund returned 6.54% compared to the MSCI All Country World Index’s 8.20% return. Since its inception on April 30, 2010, the fund’s annualized return was 7.60% compared to the 9.06% annualized return for the benchmark. You can check the top 5 holdings of the fund to know its best picks in 2024.

Ave Maria World Equity Fund highlighted stocks like Eaton Corporation plc (NYSE:ETN), in the first quarter 2024 investor letter. Eaton Corporation plc (NYSE:ETN) is a power management company. The one-month return of Eaton Corporation plc (NYSE:ETN) was -2.38%, and its shares gained 70.10% of their value over the last 52 weeks. On June 17, 2024, Eaton Corporation plc (NYSE:ETN) stock closed at $325.33 per share with a market capitalization of $130.097 billion.

Ave Maria World Equity Fund stated the following regarding Eaton Corporation plc (NYSE:ETN)  in its first quarter 2024 investor letter:

"Eaton Corporation plc (NYSE:ETN) is an intelligent power management company. The company is a long-term beneficiary in the trend towards electrification, energy transition and digitalization. Eaton is also benefiting from unprecedented global stimuli such as the Inflation Reduction Act, Infrastructure Investment and Jobs Act, the Chips and Science Act and the EU recovery plan known as the NextGenerationEU."

A technician standing in the middle of a power station, inspecting a power distribution system.

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Eaton Corporation plc (NYSE:ETN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 85 hedge fund portfolios held Eaton Corporation plc (NYSE:ETN) at the end of the first quarter which was 63 in the previous quarter. Eaton Corporation plc (NYSE:ETN) recorded Q1 sales of $5.9 billion, an increase of 8% in total and organically. While we acknowledge the potential of Eaton Corporation plc (NYSE:ETN)  as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Eaton Corporation plc (NYSE:ETN) and shared the list of best stocks analyst recommends to diversify your portfolio. In Q1 2024, Carillon Eagle Growth & Income Fund also benefitted from Eaton Corporation plc's (NYSE:ETN) recent rise. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

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