5 Best Potash Stocks to Buy

2. Archer Daniels Midland Company (NYSE:ADM)

Number of Hedge Fund Holders: 39

Founded in 1902, Archer Daniels Midland Company (NYSE:ADM), commonly known as ADM, is a major player in the food industry, with a diverse portfolio of products including oils, sweeteners, starches, proteins, and feed ingredients. The company engages in every aspect of the food and feed production process, from sourcing and processing raw materials to delivering finished products to customers. ADM is also involved in global commodity trading of crops like corn, soybeans, and wheat.

On April 25, Archer Daniels Midland Company (NYSE:ADM) released its financial results for Q1 2023. Its revenue increased by 2% y-o-y to $24.1 billion while net income surged by 11% y-o-y to $1.1 billion. Earlier in January, the company announced a 12.5% increase in its quarterly dividend to $0.45 per share.

On June 21, Roth MKM analyst Brian Wright initiated coverage of Archer Daniels Midland Company (NYSE:ADM) with a price target of $92 and a ‘Buy’ rating for the shares.

As of Q1 2023, Archer Daniels Midland Company (NYSE:ADM) shares were held by 39 hedge funds with a total value of $751 million. Cliff Asness’ AQR Capital Management was its largest hedge fund shareholder with ownership of 1.9 million shares valued at $153 million.