10 Best Industrial Stocks to Buy According to Hedge Funds

05. CRH plc (NYSE:CRH)

Number of Hedge Funds Holders: 75

CRH plc (NYSE:CRH) along with its subsidiaries, offers building materials solutions globally, operating through four main segments: Americas Materials Solutions, Americas Building Solutions, Europe Materials Solutions, and Europe Building Solutions. The company specializes in providing products and services for the construction and upkeep of public infrastructure, commercial properties, and residential buildings. CRH plc (NYSE:CRH) manufactures and sells aggregates, cement, ready-mixed concrete, and asphalt, and also offers paving and construction services as part of its comprehensive offerings. On June 17, Stephens initiated coverage of CRH plc (NYSE:CRH) with an Overweight rating and a price target of $95.00. RBC Capital also began covering shares of CRH plc (NYSE: CRH) with an Outperform rating on May 14, setting a price target of $110.00. The firm’s analysis indicates that CRH plc (NYSE:CRH) stands to benefit from concentrating its operations exclusively in North America.

In the first quarter of 2024, the number of hedge funds with stakes in CRH plc (NYSE:CRH) increased to 75 from 65 in the previous quarter, according to Insider Monkey’s database of 920 hedge funds. The combined value of these stakes is approximately $7.92 billion. Alexander Mitchell’s Scopus Asset Management emerged as the largest stakeholder among these hedge funds during this period.

L1 Long Short Fund stated the following regarding CRH plc (NYSE:CRH) in its first quarter 2024 investor letter:

“CRH plc (NYSE:CRH) (Long +25%) shares continued to rally strongly after the company delivered strong Q4 FY23 numbers and provided FY24 guidance ~5% ahead of consensus expectations. The company is a significant beneficiary of the exceptional growth in U.S. infrastructure spending which will underpin many years of robust demand. The Infrastructure Investment and Jobs Act (‘IIJA’), Inflation Reduction Act (‘IRA’) and the Chips and Science Act will together add roughly US$2 trillion in investment to ageing U.S. infrastructure. These market tailwinds, together with CRH’s ability to drive value-accretive M&A, position the company to deliver consistent double-digit earnings growth over the medium term.”