Monday, June 17, 2024
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Most Active Stocks This Quarter

Congressional trading is important because Congress regularly outperforms the broader market. Rules and regulations aside, these people have a deeper knowledge and understanding of how legislation and international relations impact a business, as demonstrated by their results. That’s why so many investors like to follow Congress’ lead. Here’s a look at the stocks most actively bought and sold by Congress this quarter. The results are interesting.

Applied Materials is the most purchased stock by Congress

ENORMOUS90-day AMAT performance

Applied materials

$212.22

-1.99 (-0.93%)

(As of 06/04/2024 ET)

52 week range
$129.21

$225.07

Dividend yield
0.75%

P/E Ratio
24.39

Target price
$215.64

Applied materials NASDAQ: AMAT It is the most purchased stock by Congress, and this is saying something because it leads position #2 House deposit New York Stock Exchange: HD by a wide margin. Three congressmen are in the mix, including John Boozman (R-AR) and Tommy Tuberville (R-AL). Both sides of the aisle made purchases totaling $123,500, a small amount but almost 6 times the amount spent at Home Depot.

Among the drivers of this trade are results, which have exceeded expectations over the last year. The company is well positioned as a manufacturer and supplier of semiconductor manufacturing equipment, which is in high demand due to the accelerated advancement of AI chips and billions in government spending focused on propping up the U.S. semiconductor industry.

First quarter results were strong, but strength relative to consensus was expected due to the revision trend. This sent the market into a sell-off, but left the bullish trend in stock prices intact. The move lower brought the market in line with the consensus estimate, which is up nearly 8% since publication. The revisions take the market to the upper end of the analyst range and imply another 10% upside for this Moderate Buy-rated stock.

Applied Materials AMAT Stock Chart

Home Depot is actively bought this year

The Home Depot, Inc. stock logo
High Definition90-day HD performance

House deposit

$328.20

+0.19 (+0.06%)

(As of 06/04/2024 ET)

52 week range
$274.26

$396.87

Dividend yield
2.74%

P/E Ratio
22.01

Target price
$377.46

Home Depot is the second most purchased business by Congress, with three congressmen making a single transaction each. Buyers include Kevin Hearn (R-OK), Marjorie Taylor Greene (R-GA), and Lloyd Doggett, with transactions estimated at $24,000. Drivers for this deal include the company’s leading market position, exposure to the professional home improvement market, return on capital, and an upcoming FOMC-driven economic turn. The FOMC is expected to slash interest rates later this year and clear a virtually frozen housing market.

MarketBeat tracks 28 analysts with ratings on HD stocks. They rate the stock a Moderate Buy and are leading the market to a rally, if not a new high. Post-launch activity includes numerous price target reductions that range and align with the current consensus of $377, a 15% increase from recent price action.

Home Depot HD Stock Chart

The best-selling stock by Congress is The Baldwin Group

Bwin90-day BWIN performance

The Baldwin Insurance Group

$35.52

+0.72 (+2.07%)

(As of 06/04/2024 ET)

52 week range
$17.33

$35.83

Target price
$45.00

The Baldwin Group NASDAQ:BWIN It is the most sold stock by Congress and its details are revealing. All three sales are made by a single member, C.Scott Franklin (R-FL), and amount to almost $3.8 million, making them the most traded stocks by buyers or sellers. Coincidentally, the sales come from a Florida representative ahead of what is forecast to be a busy hurricane season, but there’s probably no connection there. Analysts tracked by MarketBeat rate The Baldwin Group at Strong Buy with potential for a 30% upside.

Baldwin Group BWIN Stock Chart

Apple receives criticism from Congress

Apple Inc stock logo
$194.35

+0.32 (+0.16%)

(As of 06/04/2024 ET)

52 week range
$164.07

$199.62

Dividend yield
0.51%

P/E Ratio
30.23

Target price
$205.59

To exchange Apple NASDAQ:AAPL was active, with six members conducting eight transactions totaling $137,500. The trades were made by members of both parties, including Josh Gottheim (D-NJ) and Tommy Tuberville (R-AL). The drivers of this trade could be the company’s lagging position in AI and weakness/headwinds in China. Its activity coincides with a high for the market set earlier this year, but it appears that it is about to be surpassed. Analysts have been raising the sentiment rating and price targets on this stock ahead of the upcoming developer conference and product announcements this month. They see Apple rising to and above $205 to set another new high before the end of the year.

Apple APPL Stock Chart

Before you consider Applied Materials, you’ll want to hear this.

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While Applied Materials currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

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