In this article, we discuss the 4 best cobalt stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to 9 Best Cobalt Stocks to Buy Now.
4. Carpenter Technology Corporation (NYSE:CRS)
Number of Hedge Fund Holders: 29
Carpenter Technology Corporation (NYSE:CRS) engages in the manufacture, fabrication, and distribution of specialty metals. In mid-September, Benchmark analyst Josh Sullivan maintained a Buy rating on Carpenter Technology Corporation (NYSE:CRS) stock and raised the price target to $100 from $65, appreciating the position of the firm in the aerospace supply chain.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Millennium Management is a leading shareholder in Carpenter Technology Corporation (NYSE:CRS) with 298,413 shares worth more than $20 million.
3. ATI Inc. (NYSE:ATI)
Number of Hedge Fund Holders: 31
ATI Inc. (NYSE:ATI) is a company that markets specialty metals and related products. The firm makes and sells cobalt and nickel-based alloys. On December 1, KeyBanc analyst Philip Gibbs maintained an Overweight rating on ATI Inc. (NYSE:ATI) stock and raised the price target to $49 from $48, noting the firm was attractive to long-term cyclical growth investors.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw is a leading shareholder in ATI Inc. (NYSE:ATI) with 1.2 million shares worth more than $50 million.
In its Q1 2023 investor letter, Liberty Park Capital Management, an asset management firm, highlighted a few stocks and ATI Inc. (NYSE:ATI) was one of them. Here is what the fund said:
“We are pleased that Liberty Park Fund, LP has gotten off to a strong start in 2023. January was a particularly strong month for both of our funds, and LPF was able to use the market’s strength to install several new short positions; those positions greatly helped the portfolio in February and March as the market receded.
ATI Inc. (NYSE:ATI) and ZEUS each reported better-than-expected earnings caused by a widening spread between selling prices and commodity prices. We expect these spreads to compress and for margins at each of the companies to revert back to normal levels.”
2. Vale S.A. (NYSE:VALE)
Number of Hedge Fund Holders: 34
Vale S.A. (NYSE:VALE) is a metals mining company that concentrates on the production of iron ore, nickel, and other metals. On December 6, Barclays analyst Amos Fletcher maintained an Overweight rating on Vale S.A. (NYSE:VALE) stock and lowered the price target to $15 from $16.
Among the hedge funds being tracked by Insider Monkey, Texas-based investment firm Fisher Asset Management is a leading shareholder in Vale S.A. (NYSE:VALE) with 18 million shares worth more than $242 million.
1. Freeport-McMoRan Inc. (NYSE:FCX)
Number of Hedge Fund Holders: 73
Freeport-McMoRan Inc. (NYSE:FCX) is an American mining company that explores and mines for copper, gold, silver, and other metals. In late October, investment advisory Argus maintained a Buy rating on Freeport-McMoRan Inc. (NYSE:FCX) stock and lowered the price target to $38 from $47, noting the firm posted results that had topped expectations but the lower price target reflected the impact of higher interest rates on valuation multiples.
At the end of the third quarter of 2023, 73 hedge funds in the database of Insider Monkey held stakes worth $3.3 billion in Freeport-McMoRan Inc. (NYSE:FCX), compared to 66 in the preceding quarter worth $1.3 billion.
You can also take a peek at 10 Russell 2000 Basic Materials Dividend Stocks to Buy and 10 Utilities Stocks with Over 3% Dividend Yield.
