10 Best Young Stocks To Buy Now

6. Atmus Filtration Technologies Inc. (NYSE:ATMU)

Market Cap as of September 26: $3.12 billion

Number of Hedge Fund Holders: 44

Atmus Filtration Technologies Inc. (NYSE:ATMU) manufactures industrial filtration solutions and offers products including fuel and lube, air, crankcase ventilation, hydraulic filters, and coolants filtration products for on-highway commercial and off-highway agriculture, construction, mining, and power generation vehicles. It serves a range of industries, including industrial, commercial, and residential sectors.

Freight activity remains soft, but strong performance in other areas is offsetting some market weakness. Demand in the US is slowing, while India remains strong and China is sluggish. Overall Q2 2024 revenue was $432.60 million, up 4.59% from a year ago period. The increase in sales was primarily driven by higher volumes of 3% and pricing of approximately 2%. The company also benefitted from lower commodity costs and strong execution by its global team. These factors contributed to the growth in sales, gross margin, and adjusted EBITDA.

It’s improving product availability by building its own distribution network. Over 80% of its products are now distributed through Atmus warehouses, and the company expects all of its products to be distributed through this network by the end of this year.

The company continues to win with the winners and has secured new vehicle platforms associated with the 2027 US EPA emission standards. Its leadership in fuel filtration and crankcase ventilation, coupled with its focus on aftermarket growth, positions Atmus Filtration Technologies Inc. (NYSE:ATMU) for continued success. Its ability to provide innovative and high-quality products is driving strong customer demand and contributing to its overall profitability.