In this article, we will take a look at the 10 companies that are gaining value today.
Most stocks are rallying today after posting financial results for the second quarter. General Electric Company (NYSE:GE), 3M Company (NYSE:MMM) and Fiserv, Inc. (NASDAQ:FISV) were among the notable companies that rose on Tuesday morning after posting their quarterly reports.
In addition, stocks including beverage giant The Coca-Cola Company (NYSE:KO) and tech firm F5, Inc. (NASDAQ:FFIV), were also spotted moving higher this morning following their earnings reports.
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10. PGT Innovations, Inc. (NYSE:PGTI)
Number of Hedge Fund Holders: 27
Shares of PGT Innovations, Inc. (NYSE:PGTI) rose to a nearly four-month high today after the Florida-based manufacturer of premium windows and doors delivered solid financial results for the second quarter.
PGT Innovations, Inc. earned 67 cents per share on an adjusted basis, a sharp surge from 18 cents per share in the year-ago period. Revenue also climbed 42 percent on a year-over-year basis to $407 million. Analysts were expecting PGT Innovations, Inc. to report earnings of 45 cents per share on revenue of $365.21 million.
The company also updated its sales outlook for the full year. PGT Innovations, Inc. now expects revenue in the range of $1.450 – $1.525 billion for the fiscal year 2022.
9. Hubbell Incorporated (NYSE:HUBB)
Number of Hedge Fund Holders: 27
Hubbell Incorporated (NYSE:HUBB) just announced better-than-expected profit and sales for the second quarter, sending its shares up nearly four percent in the pre-market trading session today.
The electrical products maker reported adjusted earnings of $2.81 per share, up from $2.22 per share in the year-ago quarter. In addition, Hubbell Incorporated posted revenue of $1.256 billion, representing a surge of 19 percent over the second quarter of 2021. The results surpassed the consensus of $2.41 per share for earnings and $1.20 billion for revenue.
Hubbell Incorporated also released its segment-wise sales results. Revenue from its electrical solutions business rose 13 percent to $528 million, while utility solutions revenue climbed 24 percent to $729 million in the quarter.
8. F5, Inc. (NASDAQ:FFIV)
Number of Hedge Fund Holders: 29
Shares of F5, Inc. jumped nearly eight percent in the pre-market trading session on Tuesday, July 26, after the Seattle-based tech firm beat expectations for its fiscal third quarter.
F5, Inc. reported adjusted earnings of $2.57 per share on revenue of $674 million. On the other hand, analysts were looking for earnings of $2.24 per share on sales of $667.49 million.
F5, Inc. attributed the latest performance to solid demand for its products. Looking forward, F5, Inc. expects adjusted earnings in the range of $2.45 – $2.57 per share for the current quarter, above the consensus of $2.28 per share.
7. Range Resources Corporation (NYSE:RRC)
Number of Hedge Fund Holders: 36
Range Resources Corporation (NYSE:RRC) just surpassed profit and sales expectations for the second quarter, sending its shares up more than four percent in the pre-market trading session on Tuesday, July 26, 2022.
Range Resources Corporation benefitted from the higher demand for natural gas during the quarter. The company reported adjusted earnings of $1.27 per share on adjusted sales of $1.06 billion. Analysts were expecting Range Resources Corporation to earn $1.24 per share on revenue of $935.36 million.
Like Range Resources Corporation, General Electric Company, 3M Company and Fiserv, Inc., also rose today after releasing their financial results.
6. Archer-Daniels-Midland Company (NYSE:ADM)
Number of Hedge Fund Holders: 42
Archer-Daniels-Midland Company (NYSE:ADM) just delivered solid profit and sales for the second quarter, as the agricultural company capitalized on the higher demand for grains during the quarter. The strong performance sent Archer-Daniels-Midland shares up nearly 5 percent this morning.
For the second quarter, Archer-Daniels-Midland Company reported adjusted earnings of $2.15 per share, well above $1.33 per share in the year-ago period. Revenue increased to $27.3 billion, from $22.9 billion in the comparable quarter of 2021. The results easily exceeded the consensus of $1.71 per share for earnings and $25.16 billion for revenue.
Earlier this year, investment management firm Diamond Hill Capital also mentioned Archer-Daniels-Midland Company in its first-quarter 2022 investor letter, stating:
“ADM is a leading agricultural processor that also operates a global nutrition business focused on the development of ingredients and flavors for food and beverages, supplements and more. The company’s recent operating results have benefited (unfortunately) from the war in Ukraine as grain prices and agricultural markets globally experienced strong price increases. ADM is positioned well to benefit from the volatility due to its stable North American agricultural base.”
5. Cadence Design Systems, Inc. (NASDAQ:CDNS)
Number of Hedge Fund Holders: 45
Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) turned green in the pre-market trading session on Tuesday, July 26, after beating profit and sales expectations for the second quarter.
Cadence Design Systems, Inc. earned $1.08 per share on an adjusted basis, beating the consensus of 96 cents per share. The quarterly revenue of $858 million also came in above expectations of $836.89 million.
For the current quarter, Cadence Design Systems, Inc. projected adjusted earnings of 94 – 98 cents per share and revenue of $860 – $880 million. The outlook is better than the consensus of 93 cents per share for earnings and $847.81 million for revenue.
4. General Electric Company (NYSE:GE)
Number of Hedge Fund Holders: 51
Shares of General Electric Company rose nearly five percent in the pre-market trading session today after the industrial giant crushed profit and sales expectations for the second quarter. The results were mainly driven by solid gains in its aerospace business.
General Electric Company surprised investors by reporting an adjusted profit of 78 cents per share, against the consensus of 38 cents per share. Moreover, the revenue of $18.64 billion easily exceeded analysts’ average estimate of $17.6 billion.
Looking forward, General Electric Company continues to expect adjusted earnings in the range of $2.80 – $3.50 per share for the full year. However, the company expects to report earnings close to the low end of the guidance amid supply-chain challenges and inflationary pressure.
3. 3M Company (NYSE:MMM)
Number of Hedge Fund Holders: 51
Shares of 3M Company rose to a nearly one-month high in the pre-market trading session today. The surge follows the company’s better-than-expected Q2 results and a decision to spin off its healthcare segment. After the spin-off, its healthcare business will operate as a separate publicly listed firm.
For the second quarter, 3M Company reported adjusted earnings of $2.48 per share on sales of $8.7 billion, surpassing analysts’ average estimate of $2.42 per share and $8.58 billion, respectively.
On the downside, 3M Company cut its profit outlook for the full year, citing strong U.S. dollar and macroeconomic challenges. It now expects adjusted earnings in the range of $10.30 – $10.80 per share, versus its previous guidance of $10.75 – $11.25 per share.
2. Fiserv, Inc. (NASDAQ:FISV)
Number of Hedge Fund Holders: 58
Shares of Fiserv, Inc. rose to a nearly three-month high this morning after the Wisconsin-based fintech company raised its financial outlook for the full year. Fiserv, Inc. now expects adjusted earnings in the range of $6.45 – $6.55 per share and revenue growth between 9 – 11 percent for fiscal 2022.
The company also released it Q2 financial results today. Fiserv, Inc. reported adjusted earnings of $1.56 per share, up from $1.37 per share in the year-ago period. Revenue for the quarter rose 10 percent versus last year to $4.45 billion. Analysts were looking for earnings of $1.56 per share on sales of $4.08 billion.
Discussing the outlook, CEO Frank Bisignano said:
“An unprecedented confluence of macro factors is likely to impact the global economy. The demonstrated resilience of our business model, driven by the strength of our assets, balance sheet and pipeline of innovation, should position us well to withstand potential challenges and deliver value for our clients.”
1. The Coca-Cola Company (NYSE:KO)
Number of Hedge Fund Holders: 64
The Coca-Cola Company just posted better-than-expected financial results for the second quarter and raised its organic sales outlook for the full year. The company’s shares rose nearly two percent this morning following the results.
The beverage giant reported adjusted earnings of 70 cents per share, topping the expectations of 67 cents per share. In addition, The Coca-Cola Company generated revenue of $11.3 billion in the quarter, surpassing estimates of $10.56 billion.
The Coca-Cola Company also raised its sales outlook for the full year, despite a potential negative currency effect. The company now anticipates organic sales growth of 12 – 13 percent versus its previous guidance of 7 – 8 percent.
Separately, The Coca-Cola Company appeared in the first-quarter 2022 investor letter of investment management firm ClearBridge Investments. Here’s what the firm said:
“Over the last year, we have repositioned our portfolio to navigate the course we see ahead. We added to more defensive areas of the portfolio like consumer staples (Coca-Cola). While the next month or two will likely prove choppy on account of the Omicron variant, we believe that Omicron, like Delta, represents a speed bump on the way to recovery rather than a true change in course. We see strong economic momentum continuing in 2022 and we expect interest rates to rise. After a decade of remarkably low rates, we would not be surprised if this change in direction is accompanied by some fits and starts in the markets. With our emphasis on pricing power, purposeful sector exposure, valuation discipline, and a strong dividend profile, we believe we are well-positioned for the year ahead.”
You can also take a peek at Billionaire Nelson Peltz’s Top 7 Stock Picks and Jim Cramer Recommends These 10 Stocks For Recession.
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This article is originally published at Insider Monkey.
