In this article, we discuss the 5 best nickel stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to 11 Best Nickel Stocks to Buy Now.
5. Leggett & Platt, Incorporated (NYSE:LEG)
Number of Hedge Fund Holders: 19
Leggett & Platt, Incorporated (NYSE:LEG) manufactures, and markets engineered components and products worldwide. On November 1, investment advisory Truist maintained a Hold rating on Leggett & Platt, Incorporated (NYSE:LEG) stock and lowered the price target to $24 from $26.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Millennium Management is a leading shareholder in Leggett & Platt, Incorporated (NYSE:LEG) with 2.9 million shares worth more than $75 million.
4. BHP Group (NYSE:BHP)
Number of Hedge Fund Holders: 25
BHP Group (NYSE:BHP) is an Australian natural resources firm with interests in petroleum, copper, iron, and coal. In late November, investment advisory Bank of America maintained a Buy rating on BHP Group (NYSE:BHP) stock and raised the price target to A$57 from A$51.5.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in BHP Group (NYSE:BHP) with 401,433 shares worth more than $22 million.
3. Rio Tinto Group (NYSE:RIO)
Number of Hedge Fund Holders: 27
Rio Tinto Group (NYSE:RIO) engages in exploring, mining, and processing mineral resources worldwide. On December 12, investment advisory JPMorgan upgraded Rio Tinto Group (NYSE:RIO) stock to Overweight from Neutral and raised the price target to GBP 7,000 from GBP 6,310.
Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Rio Tinto Group (NYSE:RIO) with 15 million shares worth more than $990 million.
In its Q1 2023 investor letter, Harding Loevner, an asset management firm, highlighted a few stocks and Rio Tinto Group (NYSE:RIO) was one of them. Here is what the fund said:
“In terms of geographical performance, the eurozone emerged as the top-performing region, and our stocks did better still, fueled by the strong performance of Infineon, L’Oréal, and Schneider Electric. EMs, which lagged the index, were boosted by the improving outlook for semiconductor companies TSMC and Samsung. Mexico’s FEMSA also contributed strongly to relative returns. Europe ex EMU was the weakest region primarily due to the underperformance of SE Banken and UK miner Rio Tinto Group (NYSE:RIO). The latter was affected by concerns over softer iron ore pricing in the current year, another reflection of manufacturing weakness in steelmaking giant China.”
2. 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 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.
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.”
1. 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.
You can also take a peek at 13 Most Promising Low-Cost Stocks According to Analysts and 11 Best Shipping Stocks That Pay Dividends.
