5 Best EV Materials Stocks to Buy

4. Amphenol Corporation (NYSE: APH)

Number of Hedge Fund Holders: 42    

Amphenol Corporation (NYSE: APH) is placed fourth on our list of 10 best EV materials stocks to buy. The company operates from Connecticut. It makes and sells electrical, electronic, and fiber optic connectors. These are used by the EV industry in the manufacture of the vehicles. In earnings results for the second quarter, posted on July 28, the firm reported earnings per share of $0.61, beating market estimates by $0.05. The revenue over the period was $2.6 billion, up 33% year-on-year. 

On August 3, investment advisory Cowen maintained an Outperform rating on Amphenol Corporation (NYSE: APH) stock and raised the price target to $80 from $75, underlining that the firm was well-positioned across a variety of megatrends. 

At the end of the first quarter of 2021, 42 hedge funds in the database of Insider Monkey held stakes worth $1.07 billion in Amphenol Corporation (NYSE: APH), up from 41 in the previous quarter worth $1.04 billion.

In its Q4 2020 investor letter, Richie Capital Group LLC, an asset management firm, highlighted a few stocks and Amphenol Corporation (NYSE: APH) was one of them. Here is what the fund said:

“Amphenol (APH – Up 18.7%) – In December, our high-speed, specialty connector manufacturer announced the acquisition of MTS Systems Corp for $1.7B to enhance their sensor products catalog. Having completed more than a dozen acquisitions since 2016, growth through acquisition is a key tenet of their business strategy and we view this transaction as business as usual. You can read more about our investment thesis for Amphenol here.”