In this article, we will discuss: 10 Best Basic Materials Stocks To Buy Now.
The specialty chemicals industry holds the highest market weight (41.75%) among the several industries that make up the basic materials sector, despite its modest year-to-date return of 7.20%. Among the top performers in this industry are copper and gold, which had YTD returns of 28.25% and 28.32%, respectively. Additionally, building materials have grown rapidly, yielding a 19.46% YTD return. Nonetheless, several sectors of the economy are struggling. For example, steel and agricultural inputs have negative year-to-date returns of 13.78% and 2.08%, respectively. Coking coal lags with a YTD return of -19.12%, while other top performers include aluminum (33.03%), other precious metals & mining (48.76%), and silver (42.01%). Lastly, the chemicals industry has achieved a 3.17% YTD return. Overall, all industries in the basic materials sector experienced a 10.40% YTD return.
Amidst the basic material sector’s growth, as per Deloitte’s, the future of materials insights: science and technology have advanced to the point where scientists can now design materials with specific purposes, which fosters innovation in the chemical industry. Stakeholders are pressing companies to reassess the life cycle of their products with an emphasis on lowering emissions as sustainability gains prominence. Offering products to companies that make electric vehicles rather than those that make internal combustion engines, for instance, might drastically reduce scope 3 emissions. Involvement in circular ecosystems provides a viable way to reduce waste and provide new value opportunities. Although there are still obstacles to overcome, bio-based feedstocks have the potential to lower emissions and improve supply chain resilience. Furthermore, by solving the shortcomings of conventional mechanical recycling techniques, circular solutions like chemical recycling and carbon capture and utilization (CCU) offer creative end-of-life possibilities for materials.
Meanwhile, according to Fidelty, the financial services corporation, the materials market affected by recession worries, which is strongly tied to the economic cycle, produced solid but slow returns over the previous year. It follows general economic patterns in rising and falling levels as a cyclical industry. Materials stocks have been undervalued as the economy stands on the verge of a recession. A more positive economic picture in 2024, though, would act as a spur to expansion. Early phases of economic recovery have historically seen strong performance from this industry, and favorable supply-demand dynamics, especially among copper miners and American chemical manufacturers, could offer long-term investment opportunities. The industry may perform better as the economic cycle develops, setting it up for a potential comeback. As per Ashley Fernandes, Fidelity Sector Portfolio Manager:
“This cyclical sector could be well positioned if or when the economy improves.”
However, the ING Group, in its 2024 outlook report for the materials sector, pointed out the possible risks for iron ore:
“Looking further ahead, downside risks include China looking to replace older steel capacity with electric arc furnace capacity in order to help the country meet its decarbonisation goals. Growth in electric arc furnace (EAF) capacity at the expense of basic oxygen furnace (BOF) capacity will be a concern for the medium to long-term outlook for Chinese iron ore demand, reflecting increasing secondary production. Currently, 9.5% of China’s steel capacities are electric steel mills. The country plans to increase the share of steel from EAFs to 15% by 2025 amid a drive to reduce carbon emissions, increasing its appetite for ferrous scrap. China aims to achieve carbon neutrality by 2060.”
With that said, here are the 10 Best Basic Materials Stocks To Buy Now.
Copyright: lightkeeper / 123RF Stock Photo
Methodology:
We sifted through holdings of Basic Materials ETFs and online rankings to form an initial list of 20 Basic Materials stocks. Then we selected the 10 stocks that were the most popular among institutional investors. The stocks are ranked in ascending order of the number of hedge funds that have stakes in them, as of Q2 2024. We have used the stocks’ market cap as a tie-breaker in case two or more stocks have the same number of hedge funds invested.
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 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here)
10. International Flavors & Fragrances Inc. (NYSE:IFF)
Number of Hedge Fund Investors: 44
International Flavors & Fragrances is the largest specialty ingredient producer globally. Ingredients for the food, beverage, health, home goods, personal care, and pharmaceutical industries are sold by this company. It collaborates with clients to provide unique solutions while producing proprietary formulas. About half of the company’s sales come from the nourish business, which also sells plant-based proteins, texturants, and other components. It is a major flavor maker. The health and biosciences segment, which accounts for almost a quarter of total revenue, is a leader in probiotics and enzymes worldwide. IFF is a prominent global manufacturer of fragrances.
The company’s portfolio has shifted in recent years, with the acquisition of DuPont’s nutrition and biosciences businesses in 2021 and Frutarom in 2018.
However, shareholder value suffered as a result of IIFF’s overpayment for the acquisitions of Frutarom and DuPont Nutrition Sciences.
On the bright side, a remarkable recovery in the company’s flavors, fragrances, and health and biosciences division propelled International Flavors & Fragrances to record second-quarter 2024 adjusted EBITDA growth of 15% YoY. This improvement was driven by high single-digit volume growth, on which the company is focused.
Raising its full-year outlook, International Flavors & Fragrances Inc. (NYSE:IFF) now projects sales between $11.1 billion and $11.3 billion, up from the prior range of $10.8 billion to $11.1 billion. It also anticipates an increase in adjusted operating EBITDA from the previous range of $1.9 billion to $2.1 billion, to $2.1 billion to $2.17 billion.
International Flavors & Fragrances Inc. (NYSE:IFF) is in a strong growth phase and should continue to produce greater value for shareholders, according to the updated outlook. It is the world’s biggest manufacturer of specialty ingredients, with an impressive portfolio that includes market-leading products in a variety of industries, including basic materials.
Israel Englander’s Millennium Management is the largest stakeholder in the company from among the funds in Insider Monkey’s database. It owns 4,320,107 shares worth $411.32 million as of Q2.
9. Axalta Coating Systems Ltd. (NYSE:AXTA)
Number of Hedge Fund Investors: 47
Market Capitalization as of October 10, 2024: $8.09 billion
High-performance coating systems are produced, marketed, and distributed by Axalta Coating Systems Ltd. (NYSE:AXTA). It is divided into two business segments: Performance Coatings, which offers liquid and powder coating solutions to a localized, dispersed clientele. Refinish and industrial are some of its ultimate markets. Providing coating technology to original equipment manufacturers of light and commercial vehicles is the focus of the Mobility Coatings business. The company is active in Latin America, Asia-Pacific, North America, and the EMEA countries.
The company has declared its collaboration with the industry pioneer in collision repair research and development, CESVIMAP R&D Centre. Axalta’s refinish customers will benefit from this partnership by having access to CESVIMAP’s Move2Green sustainability initiative, which provides an online self-assessment questionnaire to determine bodyshops’ existing environmental effects.
Following Axalta Coating Systems Ltd. (NYSE:AXTA)’s better-than-expected Q2 2024 earnings, RBC Capital increased its price objective for the company’s shares to $44 from $42, maintaining an Outperform rating. In a research note to investors, the analyst states that the firm is still optimistic about the stock due to the company’s outstanding management execution, cost-cutting initiatives, high free cash flow generation, and relatively low leverage. In Q2 2024, EBITDA margins exceeded the long-term goal range of 20%-21%.
Baird also maintained its Outperform rating on the shares and increased the company’s price objective for Axalta Coating from $40 to $42. According to the firm, the company’s second consecutive quarter of beat and increase in earnings is starting to factor in the greater quotient for execution. Baird maintains its belief that Axalta management is making progress on a long-term turnaround initiative driven by self-improvement.
John W. Rogers”s Ariel Investments is the largest stakeholder in the company from among the funds in Insider Monkey’s database. It owns 4,406,964 shares worth $150.58 million as of Q2.
8. Air Products and Chemicals, Inc. (NYSE:APD)
Number of Hedge Fund Investors: 47
Market Capitalization as of October 10, 2024: $69.80 billion
Air Products and Chemicals, Inc. (NYSE:APD) was established in 1940 and now employs 19,000 people worldwide. It is one of the world’s top providers of industrial gas. The company is the world’s biggest provider of helium and hydrogen. Serving clients in many areas such as chemicals, energy, healthcare, metals, and electronics, it has a distinctive portfolio. In fiscal 2023, the company brought in $12.6 billion in revenue.
Air Products enjoys the advantages of operating in a highly advantageous industry. Public industrial gas companies have continuously produced profitable returns despite selling industrial gases, which are essentially commodities, due to their economic moats. Although they usually make up a very minor portion of customers’ expenses, industrial gases are an essential component to maintaining production. Customers will therefore frequently sign long-term contracts and pay a premium to guarantee the seamless operation of their company. The moats of industrial gas producers are strengthened by long-term contracts and high switching costs, which enable them to provide profitable returns and a consistent cash flow stream.
The London Company Large Cap Strategy stated the following regarding Air Products and Chemicals, Inc. (NYSE:APD) in its Q2 2024 investor letter:
“Air Products and Chemicals, Inc. (NYSE:APD) – We added to our position in APD this year and the stock subsequently outperformed during 2Q. APD continually posts results for its base business comparable to that of its closest industrial gas peers, and margins have recovered back towards industry-leading levels. We believe the offtake announcement in June between APD and Total Energies for 30% of NEOM’s green hydrogen output is a good first step towards alleviating investor concerns about the return profile for clean energy megaprojects. Added to the position following recent weakness in the shares. We believe the competitive advantages are intact and valuation is attractive.”
Laurence Alexander, a Jefferies analyst, raised his price objective for Air Products from $295 to $364, indicating a buy recommendation. Mantle Ridge has amassed a more than $1 billion stake in Air Products and plans to push for improvements at the company, according to a report by Lauren Thomas of The Wall Street Journal on Friday. The firm argues that an activist takeover would allow Air Products to reframe its story as one of “quality growth” and, for a while at least, link shareholder returns to company initiatives rather than changes in policy or commodity prices. The analyst informs investors that a route to $364 per share, or 27% upside, is supported by pinning near-term prices to Linde on a sum-of-the-parts basis and the potential to unlock earnings.
The $30 billion capital allocation plan of Air Products is driven by business possibilities that position the company for rapid expansion.
Ken Griffin’s Citadel Investment Group is the largest stakeholder in the company from among the funds in Insider Monkey’s database. It owns 309,026 shares worth $79.74 million as of Q2.
7. United States Steel Corporation (NYSE:X)
Number of Hedge Fund Investors: 58
Market Capitalization as of October 10, 2024: $8.02 billion
Although it maintains a steelmaking facility in Slovakia, United States Steel Corporation (NYSE:X) mostly operates in the United States. North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular) are the company’s operating segments. The Flat-Rolled segment comprises all iron ore and coke production facilities in the United States, as well as the integrated steel plants and equity investors of U. S. Steel in North America that produce slabs, strip mill plates, sheets, and tin mill products. Its main clientele is in the North American service center, conversion, construction, appliance, container, and electrical markets.
U.S. Steel was raised by JPMorgan analyst Bill Peterson from Neutral to Overweight, with a price objective of $42, up from $40. The firm believes the risk/reward is better for North American steel shares “as investors will begin to positively discount an improved rate environment and stable post-election backdrop in 2025” after a period of underperformance amid declining fundamentals. The analyst believes that U.S. Steel and Nucor are best positioned for growth in the upcoming year. The recent decline in United States Steel Corporation (NYSE:X) stock, according to JPMorgan, “represents an attractive buying opportunity on standalone valuation support.”
The company released its third-quarter 2024 projection, estimating adjusted EBITDA of around $300 million and adjusted net profits per diluted share of between $0.44 and $0.48. The company anticipates strong domestic flat-rolled steel demand despite the difficult pricing environment, and it is reducing pricing concerns with a varied order book in North America. While the Tubular industry struggles with low costs, the Europe segment expects softer demand. Supported by strong community and employee support, U.S. Steel is also moving forward with strategic investments such as the Big River 2 start-up and the deal with Nippon Steel.
Matthew Halbowe’s Pentwater Capital Management is the largest stakeholder in the company from among the funds in Insider Monkey’s database. It owns 20,210,000 shares worth $763.93 million as of Q2.
6. DuPont de Nemours, Inc. (NYSE:DD)
Number of Hedge Fund Holders: 58
Market Capitalization as of October 10, 2024: $35.77 billion
A worldwide specialty chemicals conglomerate with a diverse portfolio, DuPont de Nemours, Inc. (NYSE:DD) was established in 2019 following the separations and merging of DowDuPont. Specialty chemicals and downstream products for the electronics, water, construction, safety and protection, automotive, and health care industries are part of its offering.
The firm intends to split the business into three moving forward: an electronics-focused firm, a water-focused company, and a company with a broader exposure to end markets. It will produce value for investors by means of three more specialized companies that have the capacity to allocate capital more effectively. Analysts at Morningstar predict the divisions to happen by the middle of 2026.
After DuPont de Nemours, Inc. (NYSE:DD)’s Q2 earnings beat, BMO Capital analyst John McNulty increased the company’s price objective for the shares to $100 from $96 and maintained an Outperform rating. The analyst notes that the company’s end markets are beginning to improve as Electronics volumes accelerate due to generally improving utilization rates and increased chip complexity. The challenges facing the Water & Protection segment are similarly moderate in Water and Safety, and the company stated that DuPont’s Shelter Solutions division should grow in 2025 if rate cuts occur.
In response to the company’s better-than-expected Q2 2024 earnings and raised guidance, RBC Capital also increased the firm’s price objective for the shares to $102 from $87 and maintained its Outperform rating. The analyst tells investors in a research note that the firm is still bullish on the company because it has almost fully addressed its PFAS obligations, is growing margins through cost reductions and volume recovery, and has a solid balance sheet.
.Jim Cramer was asked about DuPont during a program on CNBC. Here is what he said:
“I heavily suggest you buy much more DuPont.”
E. Shaw’s D E Shaw is the largest stakeholder in the company from among the funds in Insider Monkey’s database. It owns 4,313,512 shares worth $347.19 million as of Q2.
5. NewmontCorp. (NYSE:NEM)
Number of Hedge Fund Investors: 61
NewmontCorp. (NYSE:NEM) is the biggest gold miner in the world. It acquired rival Newcrest in November 2023 after purchasing Goldcorp in 2019 and combining its Nevada mines into a joint venture with rival Barrick later that year. Its holdings in two joint ventures in the Americas, Africa, Australia, and Papua New Guinea are among its seventeen fully or mostly owned mines.
As the largest gold miner in the world, Newmont’s portfolio includes three significant acquisitions over the past few years. In 2019, it first purchased Goldcorp, a fellow gold producer, for a negligibly little premium. In addition to avoiding paying a hefty charge, Newmont managed to get greater output at mines where Goldcorp had difficulties.
The firm is expected to generate around 6.9 million ounces of gold by 2024. Though 20% of projected sales in 2024 are expected to come from smaller, more expensive mines that Newmont is expected to sell after acquiring Newcrest. As byproducts, Newmont also generates significant amounts of lead, zinc, copper, and silver. It possessed substantial byproduct stockpiles in addition to roughly 20 years’ worth of gold reserves at the end of December 2023.
Newmont Corporation (NYSE:NEM) released its Q2 2024 results, showing $4.4 billion in revenue driven by the production of 1.6 million ounces of gold and 477,000 ounces of gold equivalent from other metals. As a result, there was strong operating cash flow of $1.4 billion and a free cash flow of $594 million.
Matthew Murphy, an analyst with Jefferies, increased the company’s price objective for Newmont shares from $54 to $63 while maintaining a Buy rating. The firm notes that gold has been trading with greater torque to falling real rates rather than cooling down, and it believes that gold can continue to rise shortly. The company raised targets on the metals and miner shares the analyst covers by an average of 13% and also revised its estimate for commodity prices.
Jean-Marie Eveillard’s First Eagle Investment Management is the largest stakeholder in the company from among the funds in Insider Monkey’s database. It owns 17,108,828 shares worth $716.35 million as of Q2.
4. Linde Plc (NASDAQ:LIN)
Number of Hedge Fund Holders: 63
Linde Plc (NASDAQ:LIN) is the global provider of industrial gas, operating in more than 100 nations. In addition to equipment used in the production of industrial gases, the company’s primary products are atmospheric gases (such as oxygen, nitrogen, and argon) and process gases (such as hydrogen, carbon dioxide, and helium). Linde provides services to a broad range of end markets, including steel, chemicals, manufacturing, and healthcare. Around 2023, Linde brought around over $33 billion in sales.
Being the world’s biggest producer of industrial gas, Linde boasts the advantages of a highly beneficial industry structure. Industrial gas firms have demonstrated sustained profitable returns by their economic moats, even though they are in the business of selling commodities, namely industrial gases. Although industrial gases usually represent a small portion of customers’ expenses, they are an essential component to guarantee continuous output. To make sure that their businesses are operating well, consumers are therefore frequently prepared to pay a premium and sign long-term contracts. Industrial gas producers benefit from long-term contracts and high switching costs, which allow them to create a relatively stable cash flow stream and profitable returns.
Mar Vista Global Strategy stated the following regarding Linde plc (NASDAQ:LIN) in its Q2 2024 investor letter:
“Linde plc (NASDAQ:LIN) is the world’s largest, global industrial gas producer. The company enjoys the highest profit margins and returns on capital in the industry. Linde’s primary products are atmospheric gases and process gases. Industrial gases have benefitted from secular growth trends in decarbonization and carbon sequestration. Moreover, the opportunity in blue and green ammonia and hydrogen are substantial. Projects in these areas are quickly being added to its backlog for future growth. We see these secular trends as long-term positives for Linde and the entire industrial gas industry.
Linde believes it can grow its volumes with new applications; the buildout of small, on-site plants using its technologies; and focusing on growing geographies such as India, Malaysia, Vietnam, China and Brazil. Despite the long-term growth opportunities, recent demand trends have slowed due to weak global industrial production. Among the regions, the U.S. remains resilient, with volumes flat to slightly negative. Europe, Latin America, the Middle East, and China are all sending mixed economic signals. We believe these slower trends are transitory in nature, providing an opportunity to purchase shares in Linde at attractive prices.”
BofA analyst Steve Byrne maintained a Buy rating on the company shares and increased the company’s price target from $495 to $516. Despite a Q2 beat, the analyst believes that guidance “remains conservative in our view” and that, given the company’s recent performance, especially in F&B, Electronics, Chemicals & Energy, and Manufacturing, more sequential volume growth is likely.
Alexander Mitchell’s Scopus Asset Management is the largest stakeholder in the company from among the funds in Insider Monkey’s database. It owns 34,835 shares worth $15.29 million as of Q2.
3. CRH plc (NYSE:CRH)
Number of Hedge Fund Holders: 75
CRH plc (NYSE:CRH) is a multinational producer of various construction products utilized in building endeavors, functioning through a vertically integrated business structure. Over the last ten years, the firm has grown into a prominent company in the building materials industry, gaining more exposure to upstream building operations, including cement and aggregates. The majority of CRH’s geographic reach is in developed markets. North America makes almost 75% of EBITDA and is CRH’s largest market. The firm is the biggest asphalt and aggregate producer in the United States.
Morningstar analysts applaud CRH for its strategic realignment, which integrates upstream and downstream operations to become a one-stop shop for construction customers. The group’s exposure to publicly supported infrastructure development in the US makes it the most defensive of Morningstar’s coverage of European building materials. As the biggest roadbuilder in North America, CRH is in a good position to gain from newly enacted US legislation that increases financing for highway and road building by 50%. Reshoring activity and guaranteed funding for US infrastructure projects promote a stable price environment for building materials, which strengthens profitability measures.
Leader in low-carbon cement technology Sublime Systems is stepping up its unprecedented partnership with two of the biggest suppliers of building materials, CRH and Holcim, to further its goal of having a rapid and significant impact on world CO2 emissions.
CRH plc (NYSE:CRH) maintains its financial performance as the industry leader. It reported $1.3 billion in net income for the second quarter of 2024, an 8% YoY. The year-over-year growth of Adjusted EBITDA was 12%. The future is still looking bright, with leading positions in high-growth markets and good underlying momentum.
Edgar Wachenheim’s Greenhaven Associates is the only stakeholder in the company from among the funds in Insider Monkey’s database. It owns 11,155,273 shares worth $1.03 billion as of Q2.
2. Sherwin-Williams Co. (NYSE:SHW)
Number of Hedge Fund Holders: 76
In the US, Sherwin-Williams Co. (NYSE:SHW) is the biggest supplier of architectural paint. The company sells high-quality paint at higher price points than most of its competitors and has over 5,000 outlets. The firm also sells its products in big-box stores and provides coatings for original equipment manufacturers. Over 74% of Sherwin’s business is conducted in North America, and the company gained a significant amount of worldwide exposure when it bought Valspar in 2016. Its formerly meager retail presence has been strengthened by the acquisition of Valspar, as Sherwin was granted an exclusive agreement in 2018 as a result of Valspar’s long-standing relationship with Lowe’s. In addition, Sherwin acquired Valspar’s industrial division, growing its performance coatings business.
In a more comprehensive research note on U.S. Chemicals, BMO Capital increased its price objective for Sherwin-Williams from $400 to $425 and maintained its Outperform rating for the company’s shares. The analyst informs that while there were pockets of incremental weakening, namely in Europe and China, the firm’s channel checks point to a small number of end markets and commodities that enjoyed relative strength. While demand in the Paint Stores Group is still lumpy due to challenges from rising mortgage rates, share gains from prior investments and a more comprehensive level of pricing in the quarter should support growth, according to BMO.
Evercore ISI maintained its Outperform rating on the shares and increased the company’s price target for Sherwin-Williams Co. (NYSE:SHW) from $365 to $380. Investors are informed that Sherwin’s first analyst day with CEO Heidi Petz “reinforced the customer service and winning culture which defines the company.” The firm claims that the new medium-term targets “suggest plenty of upside” to the Street’s $12.85 EPS estimate for 2025 when volume shifts, despite the fact that no changes were given regarding 2024.
SHWs products have been preferred by professional painters for many years, which has resulted in strong brand loyalty and price power.
E. Shaw’s D E Shaw is the largest stakeholder in the company from among the funds in Insider Monkey’s database. It owns 1,524,367 shares worth $454.92 million as of Q2.
1. Freeport-McMoRan Inc. (NYSE:FCX)
Number of Hedge Fund Holders: 79
Freeport-McMoRan Inc. (NYSE:FCX). is a global mining company. Its mining operations are divided into four main divisions: molybdenum mines, South American mining, Indonesian mining, and copper mines in North America. The Morenci, Cerro Verde, and Grasberg copper mines in Indonesia, the Rod & Refining operations, and Atlantic Copper Smelting and Refining are its reportable segments. The sale of copper provides the majority of its revenue.
One of the biggest producers of copper in the world, Freeport-McMoRan Inc. (NYSE: FCX) gains from its expansive operations and adaptable production capacities. The demand for copper is a key factor in the stock’s performance, and the global electrification trend and China’s stimulus programs have recently fueled advances.
Orest Wowkodaw, an analyst with Scotiabank, raised the company’s price target for Freeport-McMoRan from $52 to $53 and maintained a Sector Perform rating for the shares. The analyst informs investors that the company expects miners to report somewhat mixed financial results for the third quarter of 2024, with lower mineral prices offsetting better operating performance. Scotiabank’s current projections are significantly lower than consensus expectations, and the business anticipates considerable negative consensus revisions in the coming weeks. The firm also believes that the market will pay close attention to updates on specific project ramp-ups and possible modifications to negative forecasts.
On the other hand, Freeport-McMoRan was upgraded by UBS from Neutral to Buy, with a price objective of $55, up from $54. According to the analyst’s research note to investors, positioning for copper has improved since the third quarter price correction, and the fundamental outlook for the metal is still favorable. Although the company recognizes near-term risks from consensus downgrades, UBS views current levels as an appealing medium-term entry-point and believes the Freeport-McMoRan bottom-up investment case is largely de-risked with the completion of the smelter and the anticipated extension of the license at Grasberg.
Ken Fisher’s Fisher Asset Management is the largest shareholder in the company from among the funds in Insider Monkey’s database. It owns 58,016,901 shares worth $2.82 billion as of Q2.
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