5 Best Recycling Stocks To Buy Now

4. LKQ Corporation (NASDAQ:LKQ)

Hedge Fund Holdings: 33

Based in Chicago, Illinois, LKQ Corp. (NASDAQ:LKQ) is an American company which focuses on the production and recycling of alternative and specialty parts to repair and accessorize automobiles and other vehicles. In Q3 2023, hedge fund sentiment around LKQ Corp. (NASDAQ:LKQ) peaked with more than 33 funds long the stock, up from 32 in the preceding quarter. It is a dividend paying stock with a forward yield of 2.62% as of Q3 2023, making it an ideal pick for long-term investors looking for a stable income. The company’s financial performance in Q3 2023 was characterized by a 15% increase in sales, largely catalyzed by organic growth and inorganic drivers. The recent dip in stock price was largely owing to a revision of the company’s guidance for fiscal 2023. However, despite the challenge, there is broad consensus around the fact that the company’s fundamentals remain sound, characterized mostly by robust growth in North American regions and service sectors and enormous potential in the EU aftermarket parts market.