In this article, we will take a look at the 20 stocks that will benefit from an onshoring boom.
U.S. stocks are hovering close to all-time highs as Wall Street remains cautiously optimistic that the current administration might sign more trade agreements, preventing the worst-case scenario of extremely high tariffs and allowing the robust economy to continue chugging along.
As stocks continue to rise, markets are acclimating to the possibility that Trump’s tariffs will remain in effect, according to Eric Freedman, CIO at US Bank Asset Management Group. However, Freedman states that an unusually high tax on a significant trading partner, such as the European Union, could cause a market shock that leads to a decline. Speaking on this, he added:
“Markets are not priced for major trading partner effective tariff rates north of 20%. The European negotiations remain paramount. That’s something that markets are very, very fixated on right now.”
According to market analysts, a de-escalation in international trade tensions, better-than-expected economic data, and robust corporate earnings have all helped stocks rise. Approximately 34% of S&P 500 companies have released their second quarter earnings results, with 80% reporting earnings that are above forecasts.
Additionally, the tariff issue brought the idea of reshoring back into the spotlight. Supply chain interruptions and slow employment growth sparked reshoring, which is now accelerating thanks to the White House. Reshoring announcements in the United States came to a total of $933 billion in 2023. That amount rose to $1.7 trillion by the end of 2024.
Source: pexels
Our Methodology
For this list, we scoured through a number of credible sources that name U.S-listed companies that can/will benefit from onshoring, reshoring, and back-shoring trends in the United States. We noted down the most recurring names for our list and ranked them in ascending order of hedge fund sentiment as of Q1 2025.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
20. Acme United Corporation (NYSE:ACU)
Number of Hedge Fund Holders: 6
Acme United Corporation (NYSE:ACU) ranks among the stocks to benefit from an onshoring boom. Acme United Corporation (NYSE:ACU) stated on July 15 that it had acquired a manufacturing and distribution facility in Mount Pleasant, Tennessee for approximately $6 million
The facility will be used mostly for its Spill Magic operations, which the company purchased in 2017. Acme United’s chairman and CEO, Walter C. Johnsen, said the company plans to make investments in capital upgrades at the new site that are centered on automation.
Additionally, Acme United Corporation (NYSE:ACU) recently released its first-quarter 2025 financial results, which showed lower revenue and earnings per share than anticipated by the market. Despite these outcomes, Acme United’s first aid division grew by 14%, suggesting that the industry remains strong.
Acme United Corporation (NYSE:ACU) is a top global provider of cutting, measuring, first aid, and sharpening equipment for the hardware, home, school, office, sporting goods, and industrial markets.
19. Stanley Black & Decker, Inc. (NYSE:SWK)
Number of Hedge Fund Holders: 32
Stanley Black & Decker, Inc. (NYSE:SWK) ranks among the stocks to benefit from an onshoring boom. Raymond James reaffirmed its Market Perform assessment of Stanley Black & Decker, Inc. (NYSE:SWK) on July 17. Citing a “generally more favorable tariff policy” in comparison to April, the firm has increased its projections for the power tool manufacturer.
The research firm emphasized that demand for Stanley Black & Decker, Inc. (NYSE:SWK)’s products “remains soft” in the present market scenario, despite with the improved tariff outlook. Concerns regarding “ongoing trade negotiations” that might place Stanley at a “further competitive disadvantage” in comparison to rival Techtronic Industries were also voiced by Raymond James.
Stanley Black & Decker, Inc. (NYSE:SWK) provides high-quality corded and cordless electric power tools and equipment for professionals, such as impact wrenches, drills, and drivers. The company offers outdoor gear, power tools, hand tools, and associated accessories for both consumer and professional use.
18. Whirlpool Corporation (NYSE:WHR)
Number of Hedge Fund Holders: 35
Whirlpool Corporation (NYSE:WHR) ranks among the stocks to benefit from an onshoring boom. Bank of America upgraded Whirlpool Corporation (NYSE:WHR) from Underperform to Neutral on June 13, stating that the American home appliance manufacturer stands to gain from new import taxes that may increase prices for overseas competitors.
The U.S. government imposed a 50% tariff on the value of steel used in imported goods by adding home appliances to the Section 232 steel tariffs. The decision, which took effect on June 23, is likely to affect rivals that depend on less expensive international supply chains, especially those from South Korea and China.
In that regard, Whirlpool Corporation (NYSE:WHR) has a relative cost advantage since it gets almost all of its steel domestically and manufactures 80% of the appliances it sells in the United States.
Based in Michigan, Whirlpool Corporation (NYSE:WHR) is a home appliance manufacturer that provides its customers with a broad range of associated services and products.
17. Weyerhaeuser Company (NYSE:WY)
Number of Hedge Fund Holders: 43
Weyerhaeuser Company (NYSE:WY) ranks among the stocks to benefit from an onshoring boom. While keeping its Buy rating, DA Davidson reduced the price target for Weyerhaeuser Company (NYSE:WY) from $36 to $35 on July 22. The reduction reflects a challenging demand and volume situation in the industry, as well as lower commodity wood product prices. DA Davidson believes the core elements that can enable higher lumber prices for the forestry products industry are still in place, despite these short-term challenges.
Weyerhaeuser’s share price currently represents “an already exaggerated discount” to its net asset value (NAV), according to the firm, which offers downside protection at current trading levels.
One of the biggest private owners of timberlands in North America, Weyerhaeuser Company (NYSE:WY) is a US-based REIT that manages around 10.4 million acres in the United States alone, with additional properties in Canada under long-term licenses.
16. Cleveland-Cliffs Inc. (NYSE:CLF)
Number of Hedge Fund Holders: 43
Cleveland-Cliffs Inc. (NYSE:CLF) ranks among the stocks to benefit from an onshoring boom. Following the company’s second-quarter 2025 earnings release, KeyBanc raised Cleveland-Cliffs Inc. (NYSE:CLF) from Sector Weight to Overweight on July 22 and set a $14 price target on the company’s shares. Given Section 232 tariffs and manufacturing onshoring trends, KeyBanc highlighted possible share gains across Cleveland-Cliffs’ higher-margin automotive platform.
KeyBanc noted that Cleveland-Cliffs Inc. (NYSE:CLF) has a structured procedure for selling non-core assets, such as idled plants, which may help lower the company’s leverage in the upcoming quarters. Although the company’s total debt of $7.7 billion remains substantial, its current ratio of 2.04 shows solid liquidity.
Cleveland-Cliffs Inc. (NYSE:CLF) is the largest producer of flat-rolled steel in North America. The company’s products include advanced high-strength steel, aluminized, galvalume, enameling, hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized, and galvannealed steel.
15. Steel Dynamics Inc. (NASDAQ:STLD)
Number of Hedge Fund Holders: 45
Steel Dynamics Inc. (NASDAQ:STLD) ranks among the stocks to benefit from an onshoring boom. Citing stable flat steel pricing and improved long steel product pricing, UBS kept its Buy rating and $149 price target on Steel Dynamics Inc. (NASDAQ:STLD) on July 22.
While long steel products continued to strengthen into July, Steel Dynamics Inc. (NASDAQ:STLD) said that flat steel pricing had stabilized at higher levels. However, policy uncertainty over trade, taxes, and interest rates has driven customer order hesitation.
The company predicts that North American pricing and demand will be supported by reduced imports, increased domestic investment, and onshoring trends. Additionally, Steel Dynamics Inc. (NASDAQ:STLD) believes that the CORE trade case will reduce import pressures, which will be favorable for its fabrication and steel companies.
The company also added that production problems at its Sinton factory have been resolved, with expectations for “significantly” increased profitability in the second half of the year.
Steel Dynamics Inc. (NASDAQ:STLD) operates as a producer of steel and metal recycler. The company operates through four divisions: Aluminum Operations, Steel Fabrication Operations, Metals Recycling Operations, and Steel Operations.
14. Rockwell Automation, Inc. (NYSE:ROK)
Number of Hedge Fund Holders: 46
Rockwell Automation Inc. (NYSE:ROK) ranks among the stocks to benefit from an onshoring boom. On July 15, KeyBanc maintained its Overweight rating on Rockwell Automation Inc. (NYSE:ROK) shares, while increasing its price objective for the company from $360 to $370. The firm was upbeat regarding the possible improvement in Rockwell’s fiscal third-quarter 2025 earnings.
Rockwell’s margins are expected to improve, as evidenced by KeyBanc’s higher price target. The firm has also reduced its second-half 2025 tariff cost headwind forecasts from $125 million to $70 million.
Although second-quarter pricing actions were relatively low, the firm indicated that recent developments in the European Union and Asia could offer Rockwell Automation Inc. (NYSE:ROK) new options for tariff-related relief.
Rockwell Automation Inc. (NYSE:ROK) is a leading player in industrial automation and digital transformation. It offers solutions that assist manufacturers in improving process control, increasing efficiency, and optimizing operations.
13. Nucor Corporation (NYSE:NUE)
Number of Hedge Fund Holders: 50
Nucor Corporation (NYSE:NUE) ranks among the stocks to benefit from an onshoring boom. Morgan Stanley analyst Carlos De Alba kept Nucor Corporation (NYSE:NUE) at a Buy rating on June 20 and lowered the price target to $134. According to the analyst, the adjustment was based on Nucor’s optimistic earnings forecast for the second quarter of 2025.
The company’s adjusted earnings per share projections, which range from $2.55 to $2.65, came in significantly greater than the market’s forecasts, surpassing both the consensus estimate and Morgan Stanley’s forecast.
The outlook was further supported by Nucor’s planned earnings growth across its steel mills, steel products, and raw materials segments, as well as its strategic share repurchase program.The company’s performance is also viewed with optimism due to the anticipated rise in average selling prices (ASPs) and volumes, as well as lower expenses.
Nucor Corporation (NYSE:NUE) specializes in the production of steel and related products. It is known as the largest scrap recycler in North America and the largest steel producer in the United States.
12. Biogen Inc. (NASDAQ:BIIB)
Number of Hedge Fund Holders: 52
Biogen Inc. (NASDAQ:BIIB) ranks among the stocks to benefit from an onshoring boom. On July 21, Biogen Inc. (NASDAQ:BIIB) declared that it would invest $2 billion to its existing North Carolina production facilities as part of its efforts to grow in the United States in the face of tariff threats from President Donald Trump.
Although President Trump has frequently maintained that separate levies are necessary to support American manufacturing and prevent reliance on other nations for medical supplies, drugs have so far been spared from his reciprocal tariffs.
According to the company, the investments will increase Biogen’s capacity to develop and produce specific gene-targeting treatments, as well as add fill-finish facilities, automation, and artificial intelligence. Biogen Inc. (NASDAQ:BIIB) has so far invested around $10 billion in its North Carolina production.
Biogen Inc. (NASDAQ:BIIB) is a multinational biopharmaceutical company dedicated to discovering, developing, and providing innovative treatments to patients with severe complex illnesses.
11. AstraZeneca PLC (NASDAQ:AZN)
Number of Hedge Fund Holders: 56
AstraZeneca PLC (NASDAQ:AZN) ranks among the stocks to benefit from an onshoring boom. AstraZeneca PLC (NASDAQ:AZN) announced on July 21 that it would invest $50 billion in the United States by 2030, becoming the most recent pharmaceutical company to make this commitment as impending tariffs threaten to drive up costs in the sector.
The company claims that plans for a new production facility specializing in chronic illnesses are part of the investment. The multibillion-dollar facility would support the company’s oral GLP-1s and the company’s metabolic and weight-management portfolio.
According to the company, the Virginia plant would be AstraZeneca’s biggest manufacturing investment in the world. The investments coincide with President Trump’s threats of levying tariffs of up to 200% on medications manufactured overseas. Before the tariffs take effect, companies would have up to a year and a half to reshore their supply lines.
AstraZeneca PLC (NASDAQ:AZN) is a prominent player in the pharmaceutical sector, especially for its work on rare disease and cancer treatments. The company has a strong reputation in the healthcare industry thanks to its history of medical advancements.
10. Builders FirstSource, Inc. (NYSE:BLDR)
Number of Hedge Fund Holders: 58
Builders FirstSource Inc. (NYSE:BLDR) ranks among the stocks to benefit from an onshoring boom. On July 18, Jefferies maintained its Buy rating on Builders FirstSource Inc. (NYSE:BLDR) and increased its price target from $137 to $148. According to the firm’s study, prices and margins have remained stable despite market constraints, indicating that although demand for the building materials provider remains soft, it has not gotten worse.
Jefferies pointed out that weaker new residential construction could pose a risk to consensus estimates in the second half of the year, though it adds that the lower end of Builders FirstSource’s guidance continues to be attainable.
The research firm identified a number of possible tailwinds for the sector, such as recent drops in the price of natural gas in the United States and Europe, a depreciating dollar, and higher prices in North America.
Builders FirstSource Inc. (NYSE:BLDR) produces and distributes building materials, manufactured components, and construction services to professional homebuilders, subcontractors, remodelers, and consumers.
9. United Rentals, Inc. (NYSE:URI)
Number of Hedge Fund Holders: 60
United Rentals, Inc. (NYSE:URI) ranks among the stocks to benefit from an onshoring boom. After strong second-quarter performance, United Rentals, Inc. (NYSE:URI) increased its full-year 2025 outlook for total revenue, adjusted EBITDA, net cash from operations, and free cash flow on July 23.
The company reported a revenue of $3.94 billion, with rental revenue rising 6.2% year-over-year to $3.42 billion. With adjusted EBITDA up 2.3% to $1.81 billion, net income came to $622 million, reflecting a 15.8% margin. Fleet productivity, a measure of the combined effect of rental rates, time utilization, and mix, also rose 3.3% over the same period last year.
From its initial projection of $15.6 billion to $16.1 billion, the company now projects total revenue for 2025 to be between $15.8 billion and $16.1 billion. Adjusted EBITDA is expected to come between $7.3 billion and $7.45 billion.
As an industrial equipment rental company, United Rentals, Inc. (NYSE:URI) provides a variety of machines to customers mostly in the construction industry, including forklifts, cranes, tools, booms, and scissor lifts.
8. Caterpillar Inc. (NYSE:CAT)
Number of Hedge Fund Holders: 62
Caterpillar Inc. (NYSE:CAT) ranks among the stocks to benefit from an onshoring boom. On July 23, UBS retained its $357 price target and Neutral rating on Caterpillar Inc. (NYSE:CAT). Investor interest in Caterpillar’s 2026 earnings per share estimate is growing, according to UBS analyst Steven Fisher, with bulls expecting $22-23 EPS and bears predicting $17-18 EPS.
With construction being a major swing factor for 2026 performance, the firm’s position on Caterpillar Inc. (NYSE:CAT) has shifted from being more cautious over the previous two years to become more balanced.
From a new investment standpoint, UBS anticipates that the mining cycle will stay largely steady in 2026, while oil and gas prices may stabilize at lower levels as a result of the current stability of oil prices.
Caterpillar Inc. (NYSE:CAT), often referred to as CAT, is a leading American manufacturer of construction, mining, and engineering equipment. The company is a key player in the industry, having been recognized as the world’s largest maker of construction equipment.
7. Texas Instruments Incorporated (NASDAQ:TXN)
Number of Hedge Fund Holders: 69
Texas Instruments Incorporated (NASDAQ:TXN) ranks among the stocks to benefit from an onshoring boom. On July 23, Truist Securities maintained its Hold rating on Texas Instruments Incorporated (NASDAQ:TXN) while raising its price objective to $196 from $171. The price target update comes despite Truist’s analyst observing a substantial change in the company’s position on tariffs, which now seem to be having a greater influence on the company’s business prospects than previously thought.
Earlier in the previous quarter and throughout Q2, Texas Instruments Incorporated (NASDAQ:TXN) dismissed tariffs as “mere noise” and described demand as high and customer inventories as lean.
According to Truist, Q2 strength currently seems to be more correlated with tariff pull-in than actual demand growth. This means that unless Texas Instruments Incorporated (NASDAQ:TXN) significantly boosts Q3 guidance, Q2 results could be the cycle’s peak growth.
Based in Dallas, Texas, Texas Instruments Incorporated (NASDAQ:TXN) is an American technology company that designs and manufactures semiconductors and other integrated circuits that it sells to electronics designers and producers globally.
6. Linde plc (NASDAQ:LIN)
Number of Hedge Fund Holders: 75
Linde plc (NASDAQ:LIN) ranks among the stocks to benefit from an onshoring boom. On July 22, Bernstein SocGen Group reaffirmed its $517 price target and Outperform rating for Linde plc (NASDAQ:LIN), citing the industrial gas company’s steady earnings performance.
According to the firm, Linde plc (NASDAQ:LIN) is expected to exceed earnings per share for the 26th straight quarter when it releases its second-quarter 2025 results. Given that Linde has produced 25 straight EPS beats to date, including six during what it called an “industrial recession,” Bernstein pointed out that the company’s business strategy appears resilient.
Linde plc (NASDAQ:LIN) is “a great business at a good price,” according to the firm, and its current value is comparable to long-term averages. However, the firm emphasized that the company remains largely an earnings growth story.
Linde plc (NASDAQ:LIN) is a global engineering and industrial gases company that generates and delivers process gases, including carbon dioxide and hydrogen, as well as related equipment and technologies.
5. The TJX Companies, Inc. (NYSE:TJX)
Number of Hedge Fund Holders: 77
The TJX Companies, Inc. (NYSE:TJX) ranks among the stocks to benefit from an onshoring boom. On July 7, UBS reaffirmed its Buy rating and $164 price target for The TJX Companies, Inc. (NYSE:TJX), pointing to department stores’ projected rises in market share over the upcoming years.
UBS analyst Jay Sole identified a number of TJX growth drivers, such as the company’s more recent business divisions HomeSense and Sierra Trading Post, which it believes have ample room to grow.
The firm also pointed to TJX’s global operations as an additional growth avenue, which helped support UBS’s prediction of about 11% five-year earnings per share compound annual growth rate.
Additionally, the analyst noted that possible U.S. tariff scenarios might cause inventory disruptions throughout the retail industry in 2026, which might assist TJX’s off-price business strategy.
The TJX Companies, Inc. (NYSE:TJX) is a well-known off-price clothing and home fashion retailer. Its store brands include the likes of T.J. Maxx, Marshalls, and HomeGoods, as well as international names such as T.K. Maxx and Winners.
4. EQT Corporation (NYSE:EQT)
Number of Hedge Fund Holders: 91
EQT Corporation (NYSE:EQT) ranks among the stocks to benefit from an onshoring boom. In the second quarter of 2025, EQT Corporation (NYSE:EQT) reported adjusted earnings per share of $0.45, higher than the consensus estimate of $0.42 and above analyst expectations. Revenue also jumped to $2.56 billion, significantly more than the $1.76 billion analysts had predicted.
EQT Corporation (NYSE:EQT) also hit the upper end of its guidance range, with a sales volume of 568 Bcfe for the quarter. The company’s acquisition of Equitrans Midstream Corporation continued to capture synergy, as evidenced by the excellent performance driven by compression project outperformance and sustained well productivity.
With a projected reduction of $0.06 per Mcfe in full-year operating costs, the company increased its 2025 production guidance by 100 Bcfe to a range of 2,300-2,400 Bcfe. These improvements reflect the benefits from the recently concluded Olympus Acquisition and upstream outperformance.
EQT Corporation (NYSE:EQT) is a prominent U.S. natural gas producer that concentrates its midstream and production operations in the Appalachian Basin.
3. Intel Corporation (NASDAQ:INTC)
Number of Hedge Fund Holders: 91
Intel Corporation (NASDAQ:INTC) ranks among the stocks to benefit from an onshoring boom. With a Neutral rating, BofA Securities increased its price target for Intel Corporation (NASDAQ:INTC) from $23 to $25 on July 23 prior to the company’s second-quarter reports.
Despite the possible near-term strength, BofA expects the second half of 2025 to be more difficult as the benefits of tariffs and the product mix reverse. With gross margins currently at 33.12%, the firm pointed out that forecasts for PC units remain higher than seasonal levels, with estimates of 200 basis points in Q3 and 500 basis points in Q4.
BofA Securities noted that the company’s product roadmap may be impacted since it isn’t expected that Intel’s new Panther Lake products will volume ramp until 2026. According to BofA, the timing of the Panther Lake (PC) and Clearwater Forest (server) product ramps will have a major impact on Intel’s profit margin recovery.
Intel Corporation (NASDAQ:INTC), based in Santa Clara, California, is a major American multinational technology company well-known for its expertise in semiconductor chip manufacture, notably the x86 family of instruction sets, which are extensively used in personal computers.
2. Johnson & Johnson (NYSE:JNJ)
Number of Hedge Fund Holders: 91
Johnson & Johnson (NYSE:JNJ) ranks among the stocks to benefit from an onshoring boom. On July 23, Erste Group raised the stock rating of Johnson & Johnson (NYSE:JNJ) from Hold to Buy. The firm attributed the upgrade decision in large part to Johnson & Johnson’s superior operating margin and return on equity when compared to competitors.
Johnson & Johnson (NYSE:JNJ) has increased its sales and earnings growth estimate, according to Erste Group, with earnings per share predicted to rise by about 9% in 2025 compared to the previous year.
Based on its price-to-earnings ratio, Erste Group believes that Johnson & Johnson’s stock is attractively valued. The firm also anticipates that Johnson & Johnson’s improved growth prospects will fuel further medium-term price increases for the company’s stock.
Johnson & Johnson (NYSE:JNJ) is a notable name in the healthcare industry, which includes sub-sectors like pharmaceuticals, medical equipment, and consumer health products. The company is known for creating medications to treat a variety of conditions and diseases, including cancer, diabetes, and HIV/AIDS.
1. Eli Lilly and Company (NYSE:LLY)
Number of Hedge Fund Holders: 119
Eli Lilly & Company (NYSE:LLY) ranks among the stocks to benefit from an onshoring boom. On July 22, BMO Capital reaffirmed its $900 price target and Outperform rating for Eli Lilly & Company (NYSE:LLY). According to the investment firm, an interim analysis of Eli Lilly’s TRAILBLAZER-ALZ 3 presymptomatic Alzheimer’s trial may be done before the market predicts, possibly as early as the fourth quarter of 2025.
According to BMO Capital’s analysis, even with a low alpha spend, this intermediate review may show statistical significance. The firm notes that a favorable readout might enhance public perception of beta-amyloid Alzheimer’s treatment and possibly increase its long-term market potential to include patients whose disease has not yet progressed.
In the best-case scenario, BMO Capital predicts that Eli Lilly’s stock might rise by about 7% due to positive interim results.
Eli Lilly & Company (NYSE:LLY) is a major global pharmaceutical company that develops, manufactures, and distributes a wide range of drugs. Founded in 1876, it has grown to become one of the world’s largest pharmaceutical companies.
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