In this article, we discuss the 10 best low beta stocks to buy along with the latest updates around the broader market.
After a rough few years, the market is coming together and is on a healthy trajectory. The recent Fed rate cuts triggered a lot of bullish sentiment toward the broader market. For example, on September 20, Business Insider reported that Brian Belski from BMO raised his S&P 500 price target for 2024 to 6,100 from 5,600, followed by the Fed’s recent rate cut and strong seasonal market data.
Moreover, Belski talked about broadening stock market gains and the increased likelihood of a soft landing for the U.S. economy. He finds current elevated valuations justified as he compared the situation to the mid-1990s when the market sustained high multiples.
In addition, Tom Lee of Fundstrat is bullish on the market for several upcoming years and expects the broader market to nearly triple to 15,000 by 2030. His bullish sentiment is driven by demographic shifts, millennial spending, and technology advancements. He mentioned the prime earning years of millennials and Gen Z, which mirror previous periods of high stock market returns. Furthermore, he also highlighted the role of technology in addressing global labor shortages and projects significant spending on AI and tech solutions.
Broadening Market Participation and the Outlook for Recession Risks
On September 24, Prashant Bhayani of BNP Paribas Wealth Management joined CNBC to discuss the current market conditions. He discussed the improving liquidity and noted the tight credit spreads, near-record equities, and steady lending. While U.S. hiring is slowing, he explained that rising unemployment is partly due to labor force growth, not just layoffs, which makes it different from past cycles. Bhayani stressed that employment data, like jobless claims, will be important in determining market outlooks.
On market valuations, Bhayani acknowledged some sectors are overvalued but sees broader market participation beyond AI-related stocks. He suggested that stocks could outperform bonds if a soft landing or no recession occurs.
Addressing concerns about potential triggers for volatility, Bhayani said that a credit event, similar to those seen in 2000 or 2007, could lead to significant market declines. However, current credit spreads and a healthy banking system support the soft landing view.
With that, we look at the 10 Best Low Beta Stocks To Buy.
10 Best Low Beta Stocks To Buy
Our Methodology
For this article, we used the Yahoo Finance stock screener to identify over 30 mid to mega-cap stocks with a 5-year beta (monthly) between 0.2 to 0.8. Next, we narrowed the list to 10 stocks most widely held by institutional investors. The 10 best low-beta stocks to buy are listed in ascending order of their hedge fund sentiment and we used the beta as a tie-breaker as well.
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 Best Low Beta Stocks To Buy
10. L3Harris Technologies, Inc. (NYSE:LHX)
5-year Beta (monthly): 0.73
Number of Hedge Fund Holders: 40
L3Harris Technologies, Inc. (NYSE:LHX) is well-known in the aerospace and defense sectors, providing essential mission-critical solutions to both government and commercial clients across the globe. The company was established through the merger of L3 Technologies and Harris Corporation in 2019, the company operates through four main business segments, Integrated Mission Systems, Space and Airborne Systems, Communication Systems, and Aviation Systems.
The segments’ offerings allow it to offer a wide range of products and services, including advanced electronic systems, intelligence, surveillance, reconnaissance (ISR) technologies, and pilot training solutions, effectively serving a variety of sectors from defense to commercial aviation. It takes the 10th place on our list of the best low beta stocks to buy.
2024 has seen the company securing several key contracts in the aerospace and defense landscape. On September 12, it was awarded a substantial five-year contract valued at up to $587.4 million from the U.S. Navy. The contract is focused on developing the Next Generation Jammer – Low Band (NGJ-LB) system, which aims to enhance the Navy’s aerial electronic warfare capabilities. Additionally, the company is set to deliver eight operational prototype pods for fleet assessment, further strengthening its position in this area.
Another significant development came on September 17, when L3Harris (NYSE:LHX) received a $142 million contract for Photonics Mast Depot repair services. The contract shows the company’s capability to provide ongoing support and maintenance for sophisticated defense systems, with work expected to extend through 2029. Such long-term contracts not only provide steady revenue but also highlight the trust that government agencies place in the company’s expertise.
Furthermore, it is making strides in the space sector. In August, the company partnered with Firefly Aerospace, Inc., which includes provisions for up to 20 launches on Firefly’s Alpha rocket. The agreement improves its ability to support satellite deployment missions, a growing area of importance as global demand for satellite services continues to rise.
At a stake value of $1.2 billion, 40 hedge funds held positions in L3Harris (NYSE:LHX) in the second quarter. As of Q2, Diamond Hill Capital is the top shareholder in the company and has a position worth $334.428 million.
9. Canadian National Railway Company (NYSE:CNI)
5-year Beta (monthly): 0.65
Number of Hedge Fund Holders: 42
One of the best low beta stocks, Canadian National Railway Company (NYSE:CNI) is a well-known player in the transportation and logistics sector, operating an extensive network that connects Canada and the United States.
The company offers a comprehensive range of services, including rail transport, intermodal logistics, trucking, and marine shipping. With approximately 20,000 route miles of track, it serves diverse industries such as automotive, coal, agriculture, and chemicals, providing essential supply chain solutions for its customers.
In Q2, 42 hedge funds had investments in Canadian National (NYSE:CNI), with positions worth $11.938 billion. Bill & Melinda Gates Foundation Trust is the top investor in the company as of Q2 and has a stake worth $6.476 billion.
Despite some recent challenges, the company remains focused on long-term growth. The company has adjusted its expectations for diluted EPS growth, now projecting low single-digit increases. Additionally, it expects a return on invested capital in the range of 13% to 15%.
Analysts have adjusted their price targets for Canadian National (NYSE:CNI). In September, Raymond James analyst Steve Hansen, BMO Capital analyst Fadi Chamoun, Scotiabank, and National Bank analyst Cameron Doerksen maintained an Outperform rating with a price target of C$180, C$178, C$180, and C$181, respectively. It indicates confidence in the company’s future performance despite short-term setbacks.
The recent guidance reductions have been attributed to various factors, including a labor work stoppage, wildfires in Alberta, and weaker demand in key sectors like forest products and metals. However, some analysts note that these challenges were largely expected, suggesting that the company has a strong foundation to weather these fluctuations.
BMO Capital also mentioned that currently, the stock trades at a 9% discount to its five-year historical average, which points to potential upside for investors.
Furthermore, the company’s diversified service offerings and extensive operational capabilities position it well to capitalize on recovering market demands. While analysts have lowered price targets slightly, the overall sentiment remains positive regarding its resilience and ability to navigate through these temporary hurdles.
8. Booz Allen Hamilton Holding Corporation (NYSE:BAH)
5-year Beta (monthly): 0.59
Number of Hedge Fund Holders: 47
Booz Allen Hamilton Holding Corporation (NYSE:BAH) is a Virginia-based consulting firm. The company originally began as the Business Research Service and over the years, it evolved into a leading provider of consulting, analysis, and engineering services, primarily catering to government and military clients.
The company provides a range of services including cybersecurity, analytics, artificial intelligence (AI), digital solutions, engineering, and management consulting. It has established itself as a trusted partner for U.S. federal agencies, especially within the defense and intelligence sectors, as it delivers end-to-end technology services that address complex challenges across various domains.
Booz Allen (NYSE:BAH) has formed strategic partnerships with major technology providers such as Amazon Web Services, Microsoft, Red Hat, and ServiceNow. These collaborations improve its service offerings and allow the company to use cutting-edge technologies for cloud migration, cybersecurity improvements, and operational efficiency.
In Q2, 47 hedge funds had stakes worth $345.975 million in Booz Allen (NYSE:BAH). After increasing its stake in the company by 92%, Millennium Management owns 367,645 shares of the company, valued at $56.58 million, and is the top shareholder, as of June 30.
On August 19, TD Cowen analyst Cai von Rumohr maintained a Buy rating on the company with a price target of $165, as reported by TipRanks. The analyst sees the recent stock price drop as a buying opportunity, given its undervaluation compared to peers.
Despite a weak fiscal first quarter, von Rumohr expects strong performance in the second quarter due to improved billability, new hires, and resolved funding delays. He believes the company’s effective management and strategic positioning in the defense sector justify his positive outlook.
On August 29, the company announced a new task order from the U.S. Department of Homeland Security to support the Cybersecurity Infrastructure Security Agency’s Continuous Diagnostics and Mitigation DEFEND program. The three-year contract, valued at $421 million with a limit of $1.2 billion, will involve providing cybersecurity tools and expertise to 13 federal agencies, including NASA and the IRS. Booz Allen (NYSE:BAH) will focus on asset management, identity and access management, network security management, and data protection.
LVS Advisory stated the following regarding Booz Allen Hamilton Holding Corporation (NYSE:BAH) in its first quarter 2024 investor letter:
“We added Booz Allen Hamilton Holding Corporation (NYSE:BAH) to the growth portfolio in October 2023. I am highlighting Booz Allen this quarter because the exercise of comparing BAH to CACI serves as an interesting example of weighing the trade-offs between “quality” and “value” when picking stocks.
Booz Allen is a technology consulting firm specializing in government contracting. Founded in 1914, Booz Allen has a storied history partnering with the US Government which includes helping the US Navy prepare for World War II. These deep roots have helped engrain the Company into the fabric of Washington DC and provide a foundation for the business’ deep moat.
Not resting on its laurels, Booz Allen has relentlessly re-invested in its business by acquiring and retaining the top talent and technology in the government contracting space. This has translated into Booz Allen serving as one of the most awarded government contractors. The Company is the #1 provider of artificial intelligence to the US Federal Government with nearly 200 government AI contracts spanning defense, national security, and civil missions. Frost & Sullivan ranks Booz Allen as the most innovative company in the Global Managed Detection and Response Market. The Company is also ranked highly in broader surveys including Fortune’s ‘World’s Most Admired Companies’ and Glassdoor’s ‘Best 100 Places to Work’…” (Click here to read the full text)
7. Republic Services, Inc. (NYSE:RSG)
5-year Beta (monthly): 0.71
Number of Hedge Fund Holders: 48
Republic Services, Inc. (NYSE:RSG) is a major player in the environmental services sector, primarily focused on providing comprehensive recycling and waste management solutions. The company offers a wide range of services, including non-hazardous solid waste collection, advanced recycling, hazardous waste treatment, and emergency response services.
It has 13 million customers and averages 5 million pickups daily. Moreover, It has a fleet of 17,000 trucks, and 75 recycling centers, and has recycled 2 billion pounds of organics. The company offers comprehensive waste management solutions that prioritize environmental responsibility.
Its extensive infrastructure includes numerous landfills, recycling centers, and energy projects, which solidifies its role as an important player in promoting responsible waste disposal and resource recovery.
Republic Services (NYSE:RSG) is quite focused on its digital transformation, especially through its RISE platform to improve route optimization and safety performance. Additionally, the anticipated implementation of the MPower fleet management system is projected to generate $20 million in annual cost savings, which further strengthens the company’s profitability.
The company has already realized $45 million in benefits from advanced recycling technologies that reduce contamination and enhance operational efficiency. It also expects to add more than 50 electric vehicles to its fleet by year-end and has entered agreements with municipalities for electric collection services, which align with its environmental responsibility while creating growth avenues.
In Q2, Republic’s (NYSE:RSG) stock was owned by 48 hedge funds, valued at $1.65 billion, which brings the company to the 7th spot on our list of best low beta stocks to buy. Impax Asset Management is the company’s most significant shareholder with 1.44 million shares, worth $280 million, as of June 30.
ClearBridge Investments stated the following regarding Republic Services, Inc. (NYSE:RSG) in its Q2 2024 investor letter:
“We added two new names to the portfolio in the quarter. Republic Services, Inc. (NYSE:RSG) is a waste disposal company in the industrials sector whose services include non-hazardous solid waste collection, waste transfer, waste disposal, recycling and energy services. It is a stable-through-the-cycle compounder in a consolidated industry. The company’s end market is resilient, which gives us some confidence in the stability of its earnings through a recession. In the next few years, cash flow should grow at the high end of the range as Republic Services benefits from high-returning sustainability investments in polymer recycling and renewable natural gas, which also improve the company’s emission and circularity profile.
Republic Services continues to set ambitious goals around sustainability targets, such as increasing its renewable energy generation by 50% through the beneficial reuse of biogas. In addition, its 74 recycling centers process five million tons of materials per year and include a major polymers center for plastics. Notably, it is the first North American waste and recycling company with an emissions reduction goal approved by the Science-Based Targets initiative (SBTi).”
6. General Dynamics Corporation (NYSE:GD)
5-year Beta (monthly): 0.61
Number of Hedge Fund Holders: 48
General Dynamics Corporation (NYSE:GD) is a prominent American aerospace and defense corporation headquartered in Reston, Virginia. It is one of the largest defense contractors in the world.
Its product portfolio includes advanced military and civilian aircraft, submarines, and armored vehicles, featuring items such as Gulfstream business jets, Virginia and Columbia-class nuclear-powered submarines, Arleigh Burke-class guided-missile destroyers, M1 Abrams tanks, and Stryker armored fighting vehicles.
General Dynamics (NYSE:GD) was a part of 48 hedge fund portfolios in Q2, at a combined value of $9.114 billion. As of the second quarter, Longview Asset Management owns 28.1 million shares of the company, worth $8.152 billion, making it the company’s most significant shareholder.
In 2024, General Dynamics (NYSE:GD) has been actively involved in significant partnerships and contracts that highlight its ongoing focus on innovation and collaboration within the defense sector. In August, the company announced a partnership with Lockheed Martin for the manufacturing of solid rocket motors, improving its capabilities in missile technology.
The company was awarded several contracts in September, starting with a $491.6 million contract from the Space Development Agency to undertake design, analysis, engineering studies, and technical support for the Ground Management and Integration program’s integrated ground system.
On September 12, General Dynamics (NYSE:GD) received a $99 million cost-plus-fixed-fee contract to provide engineering, technical support, design agent services, and planning yard assistance for operational strategic and attack submarines.
Later on September 13, The Fly reported that it secured a block-buy contract from the U.S. Navy for the construction of up to eight additional John Lewis-class fleet replenishment oilers. The initial ship under this contract has been awarded for $780 million. If all eight ships are built, the total contract value, including incentives and other options, could exceed $6.7 billion.
Moreover, The Fly reported two additional government and army contracts for the company worth $299 million and $103.62 million.
5. Waste Management, Inc. (NYSE:WM)
5-year Beta (monthly): 0.75
Number of Hedge Fund Holders: 49
Waste Management, Inc. (NYSE:WM) is a provider of comprehensive waste management and environmental services in North America. The company primarily generates revenue through waste collection, which involves picking up and transporting waste to transfer stations, material recovery facilities, or landfills, with about 70% of collected waste processed at its landfills. It is the 5th best low beta stock on our list.
According to the company’s 2024 sustainability report, it is investing over $2.8 billion from 2022 to 2026 in sustainability growth initiatives. The company has established a sustainability strategy focused on three main ambitions, including repurposing materials, promoting renewable energy, and fostering thriving communities.
In 2023, Waste Management (NYSE:WM) made significant strides, adding more than 875,000 tons of recycling capacity, recovering over 15 million tons of material, and generating over 56 million MMBtus of renewable energy from captured landfill gas. Additionally, the company impacted over 525,000 individuals through targeted social programs and donated nearly $18.7 million to charitable causes.
Waste Management (NYSE:WM) is currently pursuing the acquisition of Stericycle, a medical waste collection and disposal company. The acquisition will allow the company to advance its service offerings and sustainability efforts, as Stericycle’s waste management services complement WM’s strengths. It plans to use technology to improve customer value and lower costs, estimating over $125 million in annual savings from better operations and logistics.
WM will pay $62 per share, which is a 24% premium, bringing the total value of the deal to $7.2 billion. Stericycle’s revenue is expected to grow at an annual rate of 3% to 5% from 2023 to 2027. The deal should add to the company’s earnings and cash flow within a year. The deal is expected to close in the fourth quarter of 2024, pending regulatory approvals and shareholder agreement.
In the second quarter, Waste Management’s (NYSE:WM) stock was held by 49 hedge funds, at a combined value of $8.7 billion. With 35.234 million shares, worth $7.5 billion, Bill & Melinda Gates Foundation Trust is the most dominant shareholder of the company, as of June 30.
4. Northrop Grumman Corporation (NYSE:NOC)
5-year Beta (monthly): 0.34
Number of Hedge Fund Holders: 49
Northrop Grumman Corporation (NYSE:NOC) is a global aerospace and defense technology company that provides innovative systems, products, and solutions for a wide range of customers, including the U.S. government, the Department of Defense, the intelligence community, and commercial customers worldwide. The company operates in four main business sectors: Aeronautics Systems, Defense Systems, Mission Systems, and Space Systems.
It is widely recognized for its advanced aircraft development, particularly the B-2 Spirit stealth bomber, which is unique in its ability to carry both nuclear and conventional munitions. Additionally, it excels in unmanned aerial systems, represented by the RQ-4 Global Hawk surveillance aircraft used by the U.S. Air Force.
Recent contracts point to the company’s ongoing strength, including a $197.5 million U.S. Navy contract awarded in September for the production of Bomb Tactical Electronic Fuze systems, and a $1.5 billion contract from July for nine E-2D Advanced Hawkeye aircraft for the U.S. Navy and Japan, expected to be completed by 2029.
On September 3, The Fly reported that Seaport Research increased its price target for Northrop Grumman (NYSE:NOC) to $599 from $530 and maintained a Buy rating on the company stock. The firm made its price target revision after discussions with the current and upcoming CFO of the company. The firm feels optimistic about the company’s future and believes that, while overall sentiment about the company is good, investors are still not as confident as they could be.
Northrop Grumman (NYSE:NOC) is the 4th best low beta stock on our list. The company stock was held by 49 hedge funds with stakes worth nearly $1.8 billion in Q2. As of the second quarter, D E Shaw is the company’s most prominent shareholder. It increased its stake in Q2 by 830% to 642,609 shares worth $280.145 million. Citadel Investment Group is its second-largest shareholder after the firm increased its stake in the company by 1218% to 451,800 shares, valued at $196.962 million.
3. Waste Connections, Inc. (NYSE:WCN)
5-year Beta (monthly): 0.72
Number of Hedge Fund Holders: 50
Waste Connections, Inc. (NYSE:WCN) is an integrated waste services provider in North America that specializes in waste collection, transfer, disposal, and recycling, primarily focusing on solid waste management. The company operates with a diverse portfolio of products and services tailored to meet the needs of residential, commercial, and industrial clients.
Its offerings include various dumpster rental sizes, waste management solutions for construction sites, and dedicated recycling programs aimed at promoting environmental responsibility. Over the years, the company has made strategic acquisitions to improve its services and geographic reach and has positioned itself as one of the largest players in the waste management industry in North America. It is one of the best low beta stocks to buy.
Waste Connections (NYSE:WCN) runs 71 recycling facilities dedicated to processing materials from consumers and assisting clients in achieving their diversion targets. In the year 2021, it managed the recycling of about 2 million tons of various materials, including fiber, metals, and plastics. Furthermore, it has implemented roughly 50 recycling robots in its operations and has positioned itself as an industry pioneer in automation.
In Q2, 50 hedge funds had positions worth over $1.5 billion in the company. As of June 30, Bill & Melinda Gates Foundation Trust is its biggest shareholder with 2.15 million shares, worth $376.879 million.
Waste Connections (NYSE:WCN) also returns a healthy amount to its shareholders through dividends and buybacks. While the company’s dividend yield of 0.64% is low compared to its sector, it has been raising its dividend for the last 7 years.
In addition, on August 8, the company announced that it had received approval from the Toronto Stock Exchange (TSX) to renew its normal course issuer bid (NCIB) following the expiration of the current NCIB on August 9, 2024. The renewed NCIB allows the company to buy back up to 12,901,981 common shares, representing 5% of its outstanding shares as of August 1, 2024.
Daily purchases on the TSX will be limited to 60,089 shares, or 25% of the average daily trading volume, with similar rules applying to the New York Stock Exchange (NYSE). The buyback program is authorized from August 12, 2024, to August 11, 2025.
TimesSquare Capital Management stated the following regarding Waste Connections, Inc. (NYSE:WCN) in its first quarter 2024 investor letter:
“Many of our Industrials positions provide necessary business-to-business operational services, highly technical components, automation & efficiency improvements, or essential infrastructure services. Adding value to the strategy was Waste Connections, Inc. (NYSE:WCN), which collects, transfers, recycles, and disposes of waste for municipalities and businesses in the U.S. and Canada. Revenues and earnings topped expectations, as did management’s initial guidance for 2024. The company projects near-term growth in volumes and pricing, which recent acquisitions should make more than likely. As Waste Connection’s shares climbed 15%, we trimmed our holdings.”
2. RTX Corporation (NYSE:RTX)
5-year Beta (monthly): 0.54
Number of Hedge Fund Holders: 54
One of the best low beta stocks, RTX Corporation (NYSE:RTX), previously known as Raytheon Technologies Corporation, is a known force in the aerospace and defense sectors. The company was formed in April 2020 from the merger of Raytheon Company and United Technologies Corporation. It rebranded to RTX in July 2023. Its extensive portfolio serves a diverse range of clients, including commercial, military, and government customers both domestically and internationally.
The company operates through four segments, Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense. The diversified approach allows it to offer an impressive range of products and services, from aircraft engines and avionics systems to missile defense solutions and advanced cybersecurity technologies.
In the second quarter, 54 hedge funds held positions in RTX (NYSE:RTX) worth $2.817 billion. As of Q2, Fisher Asset Management is the most dominant shareholder in the company and has a position worth $1.769 billion.
In 2024, the company has secured several significant contracts that signify its leadership in the industry. A standout achievement came in July when the Missile Defense Agency awarded the company a substantial $1.94 billion contract to produce Standard Missile-3 Block IIA interceptors for the U.S. government and Japan’s defense ministry. The project, based in Tucson, Arizona, and Huntsville, Alabama, is set to continue until February 2031, which affirms its role in enhancing global defense capabilities.
Additionally, in April, Raytheon, a subsidiary of RTX, was granted a $344 million contract aimed at modernizing the electronics for two missile variants, the SM-2 Block IIICU and SM-6 Block IU. The initiative is crucial for improving missile guidance systems, which ensures the effectiveness of these systems for the U.S. Navy and allied forces.
Another key development occurred in August when RTX’s (NYSE:RTX) Raytheon received a $478 million contract from the NATO Support and Procurement Agency to supply additional GEM-T missiles to Germany. The contract plays an important role in replenishing Patriot missiles that Germany donated to Ukraine.
Further solidifying its position, on September 11, Raytheon was awarded a landmark $1.19 billion contract for the production of Advanced Medium Range Air-to-Air Missiles (AMRAAM), including additional support hardware. The contract involves Foreign Military Sales to multiple countries such as Bahrain, Canada, Germany, Japan, and Ukraine, which shows its essential role in global defense partnerships.
1. Lockheed Martin Corporation (NYSE:LMT)
5-year Beta (monthly): 0.47
Number of Hedge Fund Holders: 56
Lockheed Martin Corporation (NYSE:LMT) is a Maryland-based global aerospace, defense, and security company. The company focuses primarily on the research, design, development, manufacture, and integration of advanced technological systems and services. The company’s expertise spans key sectors, including aerospace, military defense, cybersecurity, and space exploration.
The company operates through key segments, namely, Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. Its Aeronautics division is known for developing military several aircraft like the F-35 Lightning II, one of the most advanced fighter jets in the world. The Missiles and Fire Control division focuses on precision weaponry and advanced missile systems, while Rotary and Mission Systems covers naval warfare, radar technologies, and cybersecurity. Lastly, the Space segment handles satellite technologies, missile defense, and space exploration.
Lockheed Martin (NYSE:LMT) has been receiving a significant number of contracts recently, including the latest NASA contract. NASA has awarded the company with a contract to develop the next-generation GeoXO Lightning Mapper instruments for the National Oceanic and Atmospheric Administration (NOAA). The initial contract is valued at around $297 million for two instruments, with options for two more.
The innovation is designed to provide meteorologists with improved tools for issuing timely warnings about severe weather events, including rapidly intensifying hurricanes. The company’s joint venture (JV) with RTX, Javelin, has received several contracts in September.
Earlier in August, Reuters reported that Lockheed Martin’s (NYSE:LMT) JV secured a follow-on contract valued at $1.3 billion from the U.S. Army for Javelin missiles, which have been crucial in Ukraine’s defense against Russia. The contract is part of a broader agreement awarded last year, potentially worth up to $7.2 billion, which covers an unspecified quantity of missiles from 2023 to 2026.
Lockheed Martin (NYSE:LMT) tops our list of 10 best low beta stocks as its stock was held by 56 hedge funds, at a combined value of $2.056 billion in Q2. Two Sigma Advisors is the company’s largest shareholder with 855,600 shares worth $399.65 million as of the second quarter.
While we acknowledge the potential of Lockheed Martin Corporation (NYSE:LMT) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is promising and trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Read Next: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.
Disclosure. None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
