HomeMost PopularThe Hidden Champions: Unveiling 3 Little-Known Stocks Outperforming the Market in 2024

The Hidden Champions: Unveiling 3 Little-Known Stocks Outperforming the Market in 2024

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As the first quarter of 2024 draws to a close, investors witness an extraordinary performance by the benchmark S&P 500 index, boasting an 11% surge β€” its most robust commencement since the world knew not of the ravages of Covid-19 back in 2019. This climb owes much to the stars of Wall Street, such as Nvidia (NASDAQ:NVDA) and Meta Platforms (NASDAQ:META), cherished by many for their tech prowess.

Yet, echoing the beat of a different drum, an ensemble of lesser-known names has begun to harmonize with the market rally. These unsung heroes, unnoticed by the masses, shine in the backdrop, consistently outperforming, and quietly creating wealth for the discerning few. Stealth fighters of the stock market, these companies may not enjoy the spotlight, but they offer investors a treasure trove of opportunity, waiting to be unearthed. Here we unveil three hidden champions of the market, quietly surpassing expectations in 2024.

Miller Industries (MLR)

Male and Female Industrial Engineers in Hard Hats Discuss New Project while Using Laptop. They Make Showing Gestures.They Work in a Heavy Industry Manufacturing Factory. manufacturing stocks

Source: Gorodenkoff via Shutterstock

Located on the outskirts of Chattanooga, TN, Miller Industries (NYSE:MLR) epitomizes the underdog spirit. Specializing in crafting tow trucks and towing equipment, this small enterprise caters to North American and European markets, its operations largely shrouded from the limelight. Without the chorus of analysts or media buzz, this inconspicuous company continues to defy market odds.

In the current year, MLR stock strides forward with a 21% gain, nearly doubling the S&P 500 index’s leap. Over the past 12 months, Miller Industries’ shares have ascended by 42%, all while maintaining market cap under $600 million, slotting it comfortably in the small-cap segment. Trading at a modest nine times forward earnings and offering a 1.52% quarterly dividend, Miller Industries stands as a testament to understated resilience in a world enamored by glitz and glamour.

NetApp (NTAP)

a stock image of a person working on data charts using a futuristic computer.

Source: Shutterstock

Hailing from Silicon Valley, the enigmatic NetApp (NASDAQ:NTAP) weaves its magic under the radar of the tech behemoths. Specializing in data storage and cloud-computing services, NetApp stealthily maneuvers through the bustling tech landscape, overshadowed by its flashier counterparts like Micron Technologies (NASDAQ:MU). However, with a 22% climb this year and a striking 64% surge over the past 12 months, NetApp emerges as a dark horse worth watching.

Surpassing a market capitalization of $21 billion, trading at 23 times future earnings, and offering a generous 2% yield through its quarterly dividend, NetApp presents a compelling case for investors seeking hidden gems in the vast tech universe. Despite attracting half the analyst coverage of its peers, NetApp enjoys a consensus β€œstrong buy” rating, signaling a beacon of potential in uncharted territories.

Trane Technologies (TT)

stocks to buy: construction workers work on a concrete floor

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In the realm of heating and air conditioning, where chatter on financial circuits seldom hums, Trane Technologies (NYSE:TT) stands tall as a silent victor. Nestled in Ireland, Trane remains a steadfast player in the realm of HVAC, consistently outshining the market’s glitterati. With a robust 25% hike in 2024, a remarkable 63% surge over the last 12 months, and an astounding 244% bump in half a decade, Trane exemplifies the power of perseverance in a noisy market.

Boasting a $68 billion market cap, Trane trades at 33 times future earnings, embracing shareholders with an 1.12% dividend yield. Despite its top-tier performance within the S&P 500 index, Trane remains a hidden gem, with a modest following of 25 analysts, most tucked away in Europe. The consensus drums a chorus of β€œbuy” recommendations, underscoring the whispering potential of this underappreciated stock.

On the publication date, Joel Baglole held a long position in NVDA. The opinions voiced are that of the writer and are bound by InvestorPlace.com Publishing Guidelines.

For two decades, Joel Baglole has traversed the terrain of business journalism, with stints at The Wall Street Journal, The Washington Post, and Toronto Star. He brings insights from the financial webs of The Motley Fool and Investopedia into this tale of the unsung heroes of the market.

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This revelation of three hidden champions in the market was brought to you courtesy of InvestorPlace.

The expressed views and opinions solely belong to the author and do not necessarily reflect those of Nasdaq, Inc.

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