5 Best Electrical Equipment Stocks to Buy Now

3. Eaton Corporation plc (NYSE:ETN)

Number of Hedge Fund Holders: 55

Power management solutions company Eaton Corporation plc (NYSE:ETN)’s shares have gained about 27% year to date. JPMorgan last month gave a Neutral rating to Eaton Corporation plc (NYSE:ETN). JPMorgan said that Eaton Corporation plc (NYSE:ETN) has “emerged from the historically lower-multiple machinery sector pigeon hole and is now at a healthy premium to the (sector) through a combination of better execution but also a portfolio exposure that has evolved over the years which is now operating in one of the best end market environments we have seen in our 25 years watching the sector.”

As of the end of the first quarter of 2023, 55 hedge funds were long Eaton Corporation plc (NYSE:ETN) according to Insider Monkey’s database of 943 hedge funds. The biggest hedge fund stakeholder of Eaton Corporation plc (NYSE:ETN) was Ken Griffin’s Citadel Investment Group which owns a $78 million stake in the company.

ClearBridge Large Cap Growth Strategy made the following comment about Eaton Corporation plc (NYSE:ETN) in its Q4 2022 investor letter:

“Also within the secular category, our asset-light industrials names have flexed their strength through the bear market. Eaton Corporation plc (NYSE:ETN) is positioned in the sweet spot of several secular trends: two-way electricity solutions, microgrids and charging infrastructure for electric vehicles. While the company’s housing business is susceptible to near-term weakness, we believe Eaton can grow revenues in the mid-to-high single digits for several decades as its core utility customers have the rate base to cover ongoing electric infrastructure upgrades and buildouts.”