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Here’s What Enables Eaton Corporation plc (ETN) to Continue Growing

Soumya Eswaran
·2-min read

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here.  The S&P 500 Index continued its recent all-time high, beginning the year's first quarter at a robust 10.6%. This quarter's results followed a common pattern to much of 2023: large outperforming small and growth outperforming value. Energy was the best-performing sector while real estate investment trusts (REITs) were the only sector with negative returns. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Carillon Eagle Growth & Income 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 -3.34%, and its shares gained 64.76% of their value over the last 52 weeks. On June 10, 2024, Eaton Corporation plc (NYSE:ETN) stock closed at $322.98 per share with a market capitalization of $127.416 billion.

Carillon Eagle Growth & Income Fund stated the following regarding Eaton Corporation plc (NYSE:ETN) in its first quarter 2024 investor letter:

"Eaton Corporation plc (NYSE:ETN) traded higher after announcing better than expected quarterly results as well as providing guidance that was ahead of expectations for the fiscal year. The electrical power equipment company also announced a proactive multi-year restructuring program, enabling Eaton to continue growing while also reducing costs."

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 best AI stock picks of billionaire Steve Cohen. 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.