10 Best Hardware Stocks to Buy Now
The world economy was mostly shuttered throughout 2020 as governments around the world scrambled to contain the spread of the COVID-19 pandemic. One of the side effects of the restrictions placed on business activity was that companies making tools and hardware required for other businesses to function took a huge hit in sales as economic activity ground to a complete halt. For example, one of the biggest hardware firms in the US, Stanley Black & Decker, Inc. (NYSE: SWK), reported only a 1% increase in sales during 2020.
However, slow growth in the second half of the year on the back of increased optimism resulting from the development of a coronavirus vaccine helped Stanley Black & Decker, Inc. (NYSE: SWK) bounce back and the firm reported a 19% year-on-year increase in sales in the fourth quarter of 2020. The total earnings for the firm during the period also increased by roughly 50% compared to the same time last year. The firm expects steady growth throughout 2021 and it views the pandemic as only a temporary setback for the hardware sector.