5 Best Transportation Stocks To Buy Heading Into 2024

2. Union Pacific Corporation (NYSE:UNP)

Number of Hedge Fund Holders: 84

Union Pacific Corporation (NYSE:UNP) is engaged in the railroad business in the United States. The company provides transportation services for grain, fertilizers, petroleum, construction products, chemicals, forest products, and metals. Union Pacific Corporation (NYSE:UNP) is one of the best transportation stocks to buy. On October 19, the company reported a Q3 GAAP EPS of $2.51, beating market estimates by $0.08. However, the revenue of $5.94 billion fell short of Street consensus by $40 million. 

According to Insider Monkey’s second quarter database, 84 hedge funds were long Union Pacific Corporation (NYSE:UNP), compared to 85 funds in the preceding quarter. Eric W. Mandelblatt’s Soroban Capital Partners is the largest stakeholder of the company, with 8.26 million shares worth $1.7 billion. 

Cooper Investors made the following comment about Union Pacific Corporation (NYSE:UNP) in its Q3 2023 investor letter:

“The major focus in Texas was spending a day visiting operations of Union Pacific Corporation (NYSE:UNP), a Stalwart investment made earlier this year.

Our investigations into the railroad industry have felt like a history lesson of the late 19th Century, a peek into the Gilded Age. At this time railroads became a transformative force that connected the East Coast to the Western frontier, pushing the economic potential of US industry and commerce to new heights. Over a century later and despite technological upheaval, the freight railroads of North America still feel just as relevant and a key part of the new industrial age.

To own, operate and invest in a railroad is to be a part of the lifeblood of North America. It is to witness the movement of grain, concrete, steel, wood, energy, autos, and shipping containers across vast distances. These are irreplaceable assets that could not be built today, and for the most part have very few substitutes – UNPs tagline “Building America” certainly rings true…” (Click here to read the full text)