The Motley Fool

My Top Stock to Buy in June

Amy Legate-Wolfe: Onex Corporation

After climbing to an all-time high in 2017, Onex Corporation (TSX: ONEX) has dipped a few times in the last few years. Almost a year ago, the stock hovered around the $100 mark, but since then dropped almost 30% to where it trades at the time of writing at about $77 per share.

But there have been two pieces of great news that sent shares trending upwards again. On May 10, the company’s quarterly results saw net earnings rise $195 million, and reported $1.6 billion of cash. Then the stock jumped 8.3% after announcing it would be buying WestJet Airlines for $3.5 billion. The news caused WestJet (and Air Canada) stocks to jump as well. This was huge for Onex, a company that only a few years back had tried to buy Air Canada. Now, billionaire CEO Gerry Schwartz finally has his hands on a Canadian airline!

This is only the beginning for the firm, as it invests in a number of solid industries that make it a diverse investment in itself.

Analysts believe the stock is quite undervalued, predicting the stock to rise significantly 30% in the next year to $100 per share. And honestly, this is a great long-term hold as the stock has steadily grown since its IPO in 1987.

Fool contributor Amy Legate-Wolfe owns shares of Air Canada.

5 TSX Stocks for Building Wealth After 50

BRAND NEW! For a limited time, The Motley Fool Canada is giving away an urgent new investment report outlining our 5 favourite stocks for investors over 50.

So if you’re looking to get your finances on track and you’re in or near retirement – we’ve got you covered!

You’re invited. Simply click the link below to discover all 5 shares we’re expressly recommending for INVESTORS 50 and OVER. To scoop up your FREE copy, simply click the link below right now. But you will want to hurry – this free report is available for a brief time only.

Click Here For Your Free Report!

I consent to receiving information from The Motley Fool via email, direct mail, and occasional special offer phone calls. I understand I can unsubscribe from these updates at any time. Please read the Privacy Statement and Terms of Service for more information.