9 Best Plastics and Rubber Stocks to Buy

3. Carlisle Companies Incorporated (NYSE:CSL)

Number of Hedge Fund Holders: 36

Carlisle Companies Incorporated (NYSE:CSL) is a renowned provider of cutting-edge building envelope products and solutions that contribute to the creation of more energy-efficient buildings. The company operates through its two divisions: Carlisle Construction Materials (CCM) and Carlisle Weatherproofing Technologies (CWT), both of which specialize in delivering innovative and environmentally responsible products.

Carlisle Companies (NYSE:CSL) reported strong financial results for the first quarter of 2024. Earnings per share (EPS) jumped 85% year-over-year, with adjusted EPS reaching $3.72. Revenue also saw a significant increase of 23% year-over-year to $1.1 billion.

Looking ahead, the company raised its 2024 outlook, expecting revenue growth of around 10% and further margin expansion exceeding 100 basis points. Carlisle Companies (NYSE:CSL)  has a history of exceeding expectations, beating EPS estimates for the past four quarters.

The average analyst price target for Carlisle Companies (NYSE:CSL) stock is $432. Analysts are confident, with the majority giving ratings of “Strong Buy” or “Buy” to the stock. The company ranks third on our list of the best plastics and rubber stocks to buy now.

Here’s what TimesSquare Capital Management said about Carlisle Companies (NYSE:CSL) in its Q4 2023 investor letter:

“In the Industrials sector we gravitate toward business service companies, those focused on automation & efficiency improvements, and essential infrastructure services. Carlisle Companies Incorporated (NYSE:CSL), a manufacturer of engineered products including roofing materials, rose 21%. While third quarter sales declined somewhat, operating margins improved. Management believes the destocking activity which persisted through the past few quarters is complete.”