This article presents an overview of the 5 Best Materials Stocks To Buy in 2024. For a detailed overview of such stocks read our article, 16 Best Materials Stocks To Buy in 2024.
5. NewmontCorp. (NYSE:NEM)
Number of Hedge Fund Investors: 53
Gold mining company NewmontCorp. (NYSE:NEM) is among the top ten holdings of the Vanguard Materials ETF. It’s also popular among hedge funds Insider Monkey tracks. Overall, 53 hedge funds reported owning stakes in NewmontCorp. (NYSE:NEM) as of the end of last year.
4. United States Steel Corp. (NYSE:X)
Number of Hedge Fund Investors: 63
United States Steel Corp. (NYSE:X) is currently in the limelight after Nippon Steel reached a deal with a company to acquire it for $15 billion. However, the deal is expected to face challenges and opposition in the US. Nonetheless, United States Steel Corp. (NYSE:X) is a popular stock among the hedge funds tracked by Insider Monkey. A total of 63 funds reported owning stakes in United States Steel Corp. (NYSE:X) as of the end of the last quarter of 2023.
A Financial Times report recently said that some US senators are concerned about Nippon’s ties to China and have asked President Biden to look into the matter.
3. Sherwin-Williams Co. (NYSE:SHW)
Number of Hedge Fund Investors: 72
Ranking third in our list of the best materials stocks to buy according to hedge funds is Sherwin-Williams Co. (NYSE:SHW), the Ohio-based paints and coating company. Insider Monkey’s exclusive database of hedge funds shows that 72 funds had stakes in Sherwin-Williams Co. (NYSE:SHW) heading into 2024.
2. Linde Plc (NASDAQ:LIN)
Number of Hedge Fund Investors: 74
Chemicals giant Linde Plc (NASDAQ:LIN) shares have gained about 29% so far in 2024. Out of the 933 funds in Insider Monkey’s database, 74 hedge funds had stakes in Linde Plc (NASDAQ:LIN).
Wells Fargo Analyst John Sheehan recently published a list of stocks that have stood the test of time and continued to pay dividends. Linde Plc (NASDAQ:LIN) was one of these stocks. The analyst said these are high quality stocks that could be included in a well-diversified portfolio.
1. Freeport-McMoRan Inc. (NYSE:FCX)
Number of Hedge Fund Investors: 83
Headquartered in Phoenix, Arizona, Freeport-McMoRan Inc. (NYSE:FCX) is one of the biggest mining companies in the US. The stock tops our list of the best mining stocks to buy in terms of hedge fund popularity.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also look at the 11 Overvalued Stocks Insiders are Dumping Now and the Insiders Are Dumping These 10 Healthcare Stocks.
