5 Best Chemical Stocks To Buy Now

2. DuPont de Nemours, Inc. (NYSE:DD)

Number of Hedge Fund Holders: 45

DuPont de Nemours, Inc. (NYSE:DD) is an American multinational chemical company and its product lines include Adhesives, Advanced Printing Solutions, Construction Materials, Consumer Products, Electronic Solutions, Fabrics, Fibers & Nonwovens, Industrial Films, Medical Devices & Materials, Packaging Materials & Solutions, Personal Protective Equipment, Solar/Photovoltaic Solutions, and Water Solutions. DuPont de Nemours, Inc. (NYSE:DD) is one of the best chemical stocks to monitor. 

On November 8, DuPont de Nemours, Inc. (NYSE:DD) reported Q3 non-GAAP earnings per share of $0.82 and a revenue of $3.30 billion, outperforming market estimates by $0.03 and $100 million, respectively. The company also announced an approval of $5.0 billion in share repurchase authorization.

RBC Capital analyst Arun Viswanathan on November 9 raised the price target on DuPont de Nemours, Inc. (NYSE:DD) to $76 from $64 and kept an Outperform rating on the shares following the Q3 earnings beat. DuPont de Nemours, Inc. (NYSE:DD)’s portfolio transformation is almost complete and its multiple can expand if the company can demonstrate stable demand or margins, less peak-to-trough earnings variability, and stickier price/cost in a recessionary backdrop, the analyst wrote in a research note.

According to Insider Monkey’s data, 45 hedge funds were long DuPont de Nemours, Inc. (NYSE:DD) at the end of Q3 2022, compared to 44 funds in the last quarter. 40 North Management held the biggest stake in the company, comprising 6.6 million shares worth $336.4 million. 

Here is what Rhizome Partners has to say about DuPont de Nemours, Inc. (NYSE:DD) in its Q1 2021 investor letter:

“We have written extensively about the anticipated DuPont’s Reverse Morris Trust merger with International Flavors and Fragrances (IFF) in January of 2021. During the quarter, DuPont shares traded up significantly in anticipation of the deal. We tendered about 40% of our DuPont shares for IFF and received about half of the allocation due to pro-ration. Investors are finally starting to appreciate DuPont’s effort to cut costs, streamline operations, and spin off companies into pure-play companies that trade at higher multiples. We are still getting used to the higher multiples that investors will pay for larger market cap and pure play companies such as DuPont.”