Eaton (ETN) Reported Strong Performance in Q3 - InvestingChannel

Eaton (ETN) Reported Strong Performance in Q3

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter.  The strategy gained two out of 10 sectors in which it invested during the quarter, on an absolute basis. Communication services and consumer discretionary sectors were the sole contributors while the information technology (IT) and utilities sectors detracted. Overall stock selection and sector allocation detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

ClearBridge Sustainability Leaders Strategy 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 27, 2023, Eaton Corporation plc (NYSE:ETN) stock closed at $240.82 per share. One-month return of Eaton Corporation plc (NYSE:ETN) was 5.67%, and its shares gained 52.91% of their value over the last 52 weeks. Eaton Corporation plc (NYSE:ETN) has a market capitalization of $96.07 billion.

ClearBridge Sustainability Leaders Strategy made the following comment about Eaton Corporation plc (NYSE:ETN) in its Q3 2023 investor letter:

“While renewable stocks have come under pressure of late, energy efficiency and decarbonization remain strong drivers for our industrials holdings, where Eaton Corporation plc (NYSE:ETN) and Trane Technologies (TT) were strong contributors. Eaton, whose electrical equipment enables the electrification of the power grid and electrical vehicle charging infrastructure, is benefiting from tax incentives supporting clean energy, growth in reshoring and expanding manufacturing in North America and the need for grid resiliency amid broad demand for electrification.”

A closeup of a technician controlling a power generation facility.

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 centi-billionaire Bill Gates’ top dividend stocks. 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.

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