10 Stocks to Buy Under $50 in 2024
The 10 Stocks
to Buy Under $50 will be discussed in this post. Visit 5 Stocks to Buy Under
$50 if you'd like to explore more stocks that are currently available for
purchase under $50.
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The Labor
Department said on Friday that the U.S. economy added 263,000 jobs while
maintaining a 3.7% unemployment rate. In addition, the average hourly wage
increased 5.1% from year to year in November, which was a pleasant improvement
for workers who must contend with inflation.
Inflation
in October increased by 5% year over year as opposed to 5.2% year over year in
September, according to the core personal consumption expenditures price index.
The Federal Reserve's preferred indicator, which was stronger than some
projections, suggested that inflation may be peaking.
In late
November, Federal Reserve Chairman Jerome Powell remarked, "Thus, it seems
sensible to decrease the pace of our rate rises as we approach the level of
constraint that will be necessary to bring inflation down. This may be in part
owing to the positive October core inflation figures. The December meeting
might be the first opportunity to slow the tempo of rate rises.
The
S&P 500 index has gained over 14% since its October lows as a result of
slower interest rate increases maybe peaked inflation, and a still robust
labor market.
Although
recent data has been more encouraging, many still question whether inflation
will remain high for longer than what the market anticipates or whether
interest rates will go beyond what the market is now pricing in.
In fact,
Lawrence Summers, a former Treasury secretary, recently said that interest
rates may need to rise more than the market anticipates.
There is
a potential that the economy could experience a recession if interest rates
rise or remain high for an extended period of time. Many stocks may also
perform poorly. Given the unpredictability, long-term investors could find it
wise to hold a well-diversified portfolio of companies from a variety of
industries.
The
Strategy We Used
We chose
10 businesses with the potential for profit growth and ranked them according
to the proportion of hedge funds in our database that owned shares of each firm
at the end of the third quarter for our list of 10 Stocks Under $50 to Buy Now.
10 Stocks
to Buy Under $50 in 2024
10. Huntington
Bancshares Incorporated
Hedge
fund investors: 23
Regional
bank Huntington Bancshares Incorporated's shares have increased
from under $7.25 to $15.46 as of December 3. Huntington Bancshares Incorporated shares may experience a decline if there is a recession in 2019,
but the bank is still appealing over the long term given its normalized
earnings power. At the end of Q3 2022, 23 of the 920 hedge funds in our
database were long Huntington Bancshares Incorporated.
Huntington
Bancshares Incorporated, along with Hewlett Packard Enterprise
Company, GlaxoSmithKline plc, and CSX Corporation is a stock under $50 that several hedge funds in our database owned
at the end of Q3 2022.
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9. Keurig
Dr Pepper Inc.
Hedge
fund investors: 23
Consumer
beverage firm Keurig Dr Pepper Inc. has seen its share price more
than treble since 2014. In a Q4 2020 investor letter, Oakmark Global Fund
discusses the long-term business potential of Keurig Dr Pepper Inc.,
“Keurig
Dr Pepper is one of North America’s leading beverage companies and commands
dominant positions in single-serve coffee and flavored sodas. We believe
single-serve coffee pods will capture almost all of the incremental growth in
at-home coffee consumption. Many consumers find that K-Cups offer better
convenience, quality, variety, and value, compared to drip brewing. Keurig’s
competitive advantages (low-cost production, the largest installed base of
brewers, and exclusive brand partnerships) allow it to collect a toll on most pods
sold in North America. The company’s soda franchises remain highly profitable,
and we do not expect health-related concerns about sugar to materially impact
consumption trends. We believe that Keurig’s brands should deliver steady
growth, consistent market share gains, and significant excess cash.”
Given the
stock performance of Keurig Dr Pepper Inc. Since 2021, Oakmark
Global Fund's description has thus far been correct. In the event that Keurig
Dr Pepper Inc. keeps its market share, there can be more growth.
8. Hormel
Foods Corporation
Hedge
fund investors: 29
The share
price of packaged foods company Hormel Foods Corporation has increased
significantly over the past ten years. The results of Hormel Foods Corporation have been less impressive than anticipated in some areas given the
macroeconomic headwinds this year. As opposed to the consensus estimate of
$0.50 on $3.38 billion in revenue, the company's Q4 earnings per share came in
at $0.51 on revenues of $3.3 billion. In contrast to the consensus estimate of
$2, Hormel Foods Corporation expects FY23 EPS of $1.83 to $1.93.
Hormel Foods Corporation shares are only down 2.4% year to date,
despite this, and the business still has a lot of promise. Hormel Foods
Corporation stock was owned by 29 hedge funds in our database.
7. ICICI
Bank Limited
Hedge
fund investors: 29
One of
the top bank in India is ICICI Bank Limited, whose shares have
shown excellent growth since 2012. Even though the pandemic caused significant
share price drops, India's economy has since rebounded, and the stock of ICICI
Bank Limited is currently close to all-time highs. Higher interest
rates make it easier for ICICI Bank Limited to make money. ICICI
Bank Limited stock has increased 17.2% year to date, despite the
general market in the United States declining this year. At the end of the
third quarter, ICICI Bank Limited was owned by 29 hedge funds,
placing it seventh on our list of the 10 Stocks Under $50 to Buy Now.
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6.
KeyCorp
Hedge
fund investors: 33
Regional
bank KeyCorp has had long-term share price growth. But given the
current macroeconomic challenges, shares of KeyCorp have decreased
over 20% so far this year. With a forward P/E ratio of 9.02 and a dividend
yield of 4.42%, the bank is currently trading. The bank may see losses if there
is a recession in 2019, but KeyCorp has a pretty good value and may
experience gains if market sentiment returns to normal. At the end of the third
quarter, 33 hedge funds in our database owned shares, placing KeyCorp at number six on our list of the 10 stocks under $50 to buy right now.
Several
hedge funds in our database held under $50 stocks at the end of the third
quarter, including KeyCorp, Hewlett Packard Enterprise Company, GlaxoSmithKline plc, and CSX Corporation.
5.
Conagra Brands, Inc.
Hedge
fund investors: 33
Although
the stock was rather turbulent on the way there, Conagra Brands, Inc. is a consumer packaged goods firm whose shares have almost doubled
since 2012. As opposed to the consensus estimate of $0.52 on revenues of $2.85
billion, the company's first-quarter EPS came in at $0.57 on $2.9 billion in
revenue. Conagra Brands, Inc. anticipates an adjusted EPS increase for
FY23 of 1% to 5% over fiscal 2022. At the end of Q3 2022, 33 hedge funds in our
database held shares of Conagra Brands, Inc., placing the company at
number five on our list of the 5 Stocks Under $50 to Buy Now.
4. Fifth
Third Bancorp
Hedge
fund investors: 35
Regional
bank Fifth Third Bancorp shares increased from under $15 in 2012
to $35.25 on December 3. Shares of Fifth Third Bancorp are down
almost 19% year to date due to the macroeconomic challenges this year, but if
the U.S. economy slows more than anticipated, there may be further downside for
the company. Early in November, JPMorgan's Vivek Juneja increased his price
target on Fifth Third Bancorp from $37.5 to $39 while maintaining
a 'Neutral' rating for the stock. According to Juneja, some of the effects of a
recession are already factored into stock prices, and the analyst thinks rising
interest rates will boost the bank's revenue.
3.
Hewlett Packard Enterprise Company
Hedge
fund investors: 36
On our
list of the Top 10 Cheap Stocks to Buy, Hewlett Packard Enterprise Company comes in at number three. Given that at the end of the third
quarter, 36 hedge funds that we follow owned shares of the company. Enterprise
technology provider Hewlett Packard Enterprise Company offers
products that help users process data more effectively. Additionally, the
business provides communications gear and computer servers. Hewlett Packard
Enterprise Company shares initially dropped after the company's IPO
in 2015, but today they are about 50% higher and have increased 5.83% so far
this year. Compared to the consensus estimate of $0.56 on revenues of $7.42
billion, the company's adjusted EPS for the fourth quarter came in at $0.57 on
sales of $7.9 billion. Hewlett Packard Enterprise Company's FY23
2.
GlaxoSmithKline plc
Hedge
fund investors: 37
Leading
pharmaceutical company GlaxoSmithKline plc has had a 20% decrease in
shares since 2012. GlaxoSmithKline plc has a dividend yield of about
4.62% at the moment, and the firm has historically paid out substantial
dividends, so the company's total return over the previous ten years has been
favorable. One factor contributing to GlaxoSmithKline plc's underperformance has been the stock's 21.3% year-to-date fall as a result of
concerns about Zantac litigation.
1. CSX
Corporation
Hedge
fund investors: 61
CSX
Corporation is a leading railroad company that has done really well
in the long term with the stock price rallying from less than $8 in 2012 to
$32.05 on December 3. With a fairly attractive forward P/E ratio of 16.83 in
addition to more expected EPS growth in the next 5 years, CSX Corporation could continue to be a long-term winner even if it has a downside if
there is a recession next year. Despite the macroeconomic headwinds in 2022,
CSX Corporation’s third-quarter sales rose 18% year over year to
$3.9 billion and its operating income rose 10% year over year to $1.58 billion.
Diluted EPS rose 21% year over year to $0.43. On our list of the Top 10 Stocks
Under $50 to Buy Now, CSX Corporation comes in first place with 61
hedge funds in our database owning shares.