What Hedge Funds Think About Eaton Corporation, PLC Ordinary Shares (ETN) May Surprise You

As industry-wide interest jumped, specific money managers were leading the bulls’ herd. Millennium Management, led by Israel Englander, assembled the most valuable position in Eaton Corporation, PLC Ordinary Shares (NYSE:ETN). Millennium Management had $36.6 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $15.4 million position during the quarter. The other funds with brand new ETN positions are Paul Marshall and Ian Wace’s Marshall Wace LLP, Andreas Halvorsen’s Viking Global, and Alex Snow’s Lansdowne Partners.

Let’s now review hedge fund activity in other stocks similar to Eaton Corporation, PLC Ordinary Shares (NYSE:ETN). We will take a look at Aon PLC (NYSE:AON), Twenty-First Century Fox Inc (NASDAQ:FOXA), Delta Air Lines, Inc. (NYSE:DAL), and AFLAC Incorporated (NYSE:AFL). All of these stocks’ market caps are closest to ETN’s market cap.

As you can see these stocks had an average of 48 hedge funds with bullish positions and the average amount invested in these stocks was $2.90 billion. That figure was $668 million in ETN’s case. Delta Air Lines, Inc. (NYSE:DAL) is the most popular stock in this table. On the other hand AFLAC Incorporated (NYSE:AFL) is the least popular one with only 29 bullish hedge fund positions. Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard DAL might be a better candidate to consider taking a long position in.

Disclosure: None