10 Best Lithium and Battery Stocks to Buy Now

3. EnerSys (NYSE:ENS)

Number of hedge fund investors: 29

EnerSys (NYSE:ENS) is engaged in the provision of energy solutions for different sectors by manufacturing batteries, chargers, and power equipment.

As of Q1 2024, EnerSys (NYSE:ENS) has caught the interest of 29 hedge funds’ investors, investing a total amount of $409.29 million. AQR Capital Management has the biggest stake in the stock, worth $73.2 million, with ACK Asset Management investing the second biggest amount of $67.5 million.

The analysts eye a target price of $127.5 from its current price of $103.64, meaning that the stock is carrying an upside potential of 23%! For FY 2024, the company has reported a net income of $269.1 million, helping it score an EPS of $6.62. The net income saw a rise of 53% from its FY 2023 figure, while the EPS was also up from $4.31 in 2023, showcasing the operational efficiency and improved profitability of the company for the year. Following is what Enersys’ President and CEO said at the end of the company’s FY 2024:

“EnerSys delivered a strong finish to the fiscal year, with our balanced business portfolio generating solid results in the fourth quarter. Adjusted earnings per share for the quarter of $2.08 was at the high end of our guidance range and revenue of $911 million was in line with our expectations, with the diversification of our end markets helping to offset some of the continued softness in telco/broadband spending. We generated adjusted gross margin improvement and adjusted operating earnings growth versus the prior fourth quarter by maintaining pricing on top of increased IRA benefits. Fiscal year 2024 marked a year of several exciting developments towards our long-term strategic goals as we took decisive actions to successfully navigate through a challenging environment.”

For the full year, revenue was $3.6 billion, down 3% year-over-year, but our adjusted gross margin, adjusted operating earnings, and adjusted earnings per share increased even before the impact of expanded IRA benefits. We remain focused on what we can control, driving price mix improvements, optimizing our cost structure to flex through cycles, and improving productivity through automation and flexibility while delivering new high-tech solutions for our customers.”