In this piece, we will take a look at the five best gun stocks to buy in 2023. If you want to take a deeper look at the ammunition stocks, then check out 11 Best Gun Stocks To Buy in 2023.
5. Vista Outdoor Inc. (NYSE:VSTO)
Number of Hedge Fund Holders: 16
Ranked 5th in our list of the best gun stocks to buy in 2023, Vista Outdoor Inc. (NYSE:VSTO) develops and sells outdoor recreation and shooting sports products. It reported fiscal Q1 sales of $693 million. Vista Outdoor Inc. (NYSE:VSTO) is also planning to sell its Sporting Products segment for $1.91 billion to Czechoslovak Group. The firm said that 18 million new gun users who joined the market during the last several years are regularly using their equipment to practice, compete and hunt.
Out of 910 hedge funds profiled by Insider Monkey, 16 held stakes in Vista Outdoor Inc. (NYSE:VSTO). The largest stakeholder was Jeffrey Gates’ Gates Capital Management which owned roughly 5.5 million stakes of Vista Outdoor Inc. (NYSE:VSTO) that were worth $151.4 million.
4. Sportsman’s Warehouse Holdings, Inc. (NASDAQ:SPWH)
Number of Hedge Fund Holders: 23
Headquartered in West Jordan, Utah, Sportsman’s Warehouse Holdings, Inc. (NASDAQ:SPWH) ranks 4th in our list of the best gun stocks to buy in 2023. Founded in 1986, Sportsman’s Warehouse Holdings, Inc. (NASDAQ:SPWH) sells guns and ammunition in the US market as well as operates as an outdoor sporting goods retailer. It reported Q2 earnings of $0.04 per share that beat analysts’ estimates of $0.02. Net sales for the second quarter were $309.5 million.
Insider Monkey took a look at 910 hedge funds portfolios for Q2 2023 investments and found out that 23 had a stake in Sportsman’s Warehouse Holdings, Inc. (NASDAQ:SPWH). The largest stakeholder was J. Carlo Cannell’s Cannell Capital which had 3.7 million stakes of Sportsman’s Warehouse Holdings, Inc. (NASDAQ:SPWH) that were valued at $21 million.
3. Axon Enterprise, Inc. (NASDAQ:AXON)
Number of Hedge Fund Holders: 36
Axon Enterprise, Inc. (NASDAQ:AXON) sells energy products under its TASER brand. It has recently introduced a national database in the US to offer public information regarding all shooting fatalities from 2021 through June 2023 in all US jurisdictions. In Q2, it reported EPS of $1.11 which was higher than analysts’ expectations of $0.62. For the full-year 2023, the company expects to report $1.51 billion to $1.53 billion in revenue. The company also said during its Q2 earnings call that customers are switching to its new products including TASER 10.
Out of 910 hedge funds profiled by Insider Monkey for Q2 2023 investments, 36 had a stake in Axon Enterprise, Inc. (NASDAQ:AXON). The biggest stakeholder was Broadwood Capital which owned 760,000 stakes of Axon Enterprise, Inc. (NASDAQ:AXON) for roughly $148.3 million.
2. DICK’S Sporting Goods, Inc. (NYSE:DKS)
Number of Hedge Fund Holders: 37
Incorporated in 1948, DICK’S Sporting Goods, Inc. (NYSE:DKS) ranks 2nd in our list of the best gun stocks to buy in 2023. DICK’S Sporting Goods, Inc. (NYSE:DKS) sells sports, hunting, and fishing gear products. It posted Q2 EPS of $2.82 and total sales of $3.22 billion. During the second quarter, DICK’S Sporting Goods, Inc. (NYSE:DKS) also repurchased its 1.6 million common shares for $202.7 million. DICK’S Sporting Goods, Inc. (NYSE:DKS) expects full-year 2023 non-GAAP diluted EPS of $11.50 to $12.30.
Insider Monkey took a look at 910 hedge funds for their Q2 holdings and found that 37 had invested in DICK’S Sporting Goods, Inc. (NYSE:DKS). Lone Pine Capital was the biggest investor among these with 3.3 million stakes that were valued at $431.8 million.
1. Olin Corporation (NYSE:OLN)
Number of Hedge Fund Holders: 41
Olin Corporation (NYSE:OLN) topped the list of the best gun stocks to buy in 2023 according to hedge funds. Headquartered in Clayton, Missouri and incorporated in 1892, Olin Corporation (NYSE:OLN) is one of the biggest US gun manufacturers. Olin Corporation (NYSE:OLN) posted a Q2 net income of $1.13 per diluted share and sales of $1.7 billion. The company’s President and Chief Executive Officer Scott Sutton will also step down from his roles in the first half of next year. Its shares are currently trading $46 per share on the New York Stock Exchange.
As of June 2023, 41 hedge funds among the 910 profiled by Insider Monkey had bought Olin Corporation (NYSE:OLN) shares. The largest hedge fund investor was Donald Yacktman’s Yacktman Asset Management since it owned 4.3 million stakes of Olin Corporation (NYSE:OLN) that are valued at $221.8 million.
Disclosure: None. You can also take a look at 12 Best Stocks to Buy and Hold According to Bill Gates’ Portfolio and 11 Best Quantum Computing Stocks To Buy Now.
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