In this article we will take a look at the 5 best hardware stocks to buy now. For a detailed analysis of these stocks, go directly to the 10 Best Hardware Stocks to Buy Now.
5. Caterpillar Inc. (NYSE: CAT)
Number of Hedge Fund Holders: 53
Caterpillar Inc. (NYSE: CAT) is a Deerfield-based hardware firm that primarily makes machinery and engines for heavy industries. Some of the products that it develops and sells are asphalt pavers, compactors, cold planers, pipelayers, road reclaimers, and telehandlers, among others. Caterpillar also has a clothing and workwear boots line that it markets under its name. The firm also serves the defense sectors in the US, Britain, and the Middle East. It provides the United Kingdom military with diesel engines and combat engineering tanks.
Caterpillar Inc. (NYSE: CAT) was founded in 1925 and comes in at fifth place on our list of 10 best hardware stocks to buy now. On April 1, analysts at financial services firm Evercore rated Caterpillar stock as Outperform with a price target of $240. The share price of the machinery maker jumped more than 1.3% after the ratings update.
Out of the hedge funds being tracked by Insider Monkey, Washington-based firm Bill & Melinda Gates Foundation Trust is a leading shareholder in the firm with 11.2 million shares worth more than $2 billion.
4. The Sherwin-Williams Company (NYSE: SHW)
Number of Hedge Fund Holders: 49
The Sherwin-Williams Company (NYSE: SHW) is a Cleveland-based firm that makes paints. It was founded in 1866 and is placed fourth on our list of 10 best hardware stocks to buy now. The firm makes architectural paints, stains, varnishes, industrial products, wood finishes products, wood preservatives, applicators, corrosion inhibitors, aerosols, and caulks. The products made by the company are used by commercial, residential, and industrial clients. It has more than 4,000 stores in several different countries around the world.
On April 16, investment advisory Evercore estimated that The Sherwin-Williams Company (NYSE: SHW) stock would jump more than 5% in the coming weeks as home improvement metrics showed upside after pulling back from record highs in January. On April 21, the paints firm declared a quarterly dividend of $0.55 per share.
At the end of the fourth quarter of 2020, 49 hedge funds in the database of Insider Monkey held stakes worth $1.8 billion in the firm, down from 55 in the preceding quarter worth $1.7 billion.
3. The Toro Company (NYSE: TTC)
Number of Hedge Fund Holders: 31
The Toro Company (NYSE: TTC) is a Minnesota-based firm that makes maintenance equipment, snow removal products, and supplies for irrigation systems. The company sells to both commercial and residential customers. The tools made by the firm are used in gardens, public parks, golf courses, sports fields, and agricultural fields. Toro was founded in 1914 and is ranked third on our list of 10 best hardware stocks to buy now. The firm also has a digital presence for selling the tools it manufactures.
On March 16, The Toro Company (NYSE: TTC) declared a quarterly dividend of $0.26 per share, in line with previous estimates. Earlier in March, Toro had announced that it would be acquiring Left Hand Robotics, a firm making autonomous equipment for turf and snow management, for an undisclosed fee.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Select Equity Group is a leading shareholder in the firm with 5.9 million shares worth more than $563 billion.
2. Stanley Black & Decker, Inc. (NYSE: SWK)
Number of Hedge Fund Holders: 38
Stanley Black & Decker, Inc. (NYSE: SWK) is a Connecticut-based maker of industrial tools and household hardware. The firm also has stakes in the security products business. Some of the products that it makes include corded and cordless electric power tools, as well as pneumatic tools and fasteners. The company also provides engineering fastening systems to the automotive, manufacturing, electronics, construction, and aerospace sectors, among others. The firm was founded in 1843 and is second on our list of 10 best hardware stocks to buy now.
Stanley Black & Decker, Inc. (NYSE: SWK) has a market cap of more than $33 billion and posted an annual revenue of more than $14.5 billion in December 2020, up slightly from $14 billion posted the year before. On March 12, Bank of American upgraded Stanley Black to a rating of Buy from Neutral with a price target of $205.
At the end of the fourth quarter of 2020, 38 hedge funds in the database of Insider Monkey held stakes worth $846 million in the firm, the same as in the preceding quarter worth $786 million.
1. Snap-on Incorporated (NYSE: SNA)
Number of Hedge Fund Holders: 26
Snap-on Incorporated (NYSE: SNA) is a Wisconsin-based firm that manufactures and sells tools and equipment used in the transportation industry. The parts of the transport business that use these tools include the automotive, heavy duty, equipment, marine, aviation, and railroad sectors. Snap-on was founded in 1920 and is placed first on our list of 10 best hardware stocks to buy now. Some products that the firm sells include wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, as well as saws and cutting tools.
On April 13, financial services firm Baird singled out Snap-on Incorporated (NYSE: SNA) as one of the stocks that had surprise upside potential for the second quarter of 2021. On March 8, the Wisconsin-based firm announced that it had acquired Ontario-based software solutions provider Dealer-FX Group for $200 million to extend strategic visibility into new technologies.
Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Ariel Investments is a leading shareholder in the firm with 1 million shares worth more than $184 million.
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