Double Your Shares, Double Your Gains: 3 Stock Split Plays for 2024


  • Here are three stock split plays for 2024 to buy now.
  • Cooper Companies (COO): Its contact lens business is the money maker.
  • Mueller Industries (MLI): It’s got a standout balance sheet. 
  • Copart (CPRT): Its net margins are ridiculously high. 
Stock Split Plays for 2024 - Double Your Shares, Double Your Gains: 3 Stock Split Plays for 2024

Source: Bakhtiar Zein /

Several times over the past few years, I’ve referred to the 2-for-1 Index and the 2-for-1 newsletter, a monthly publication dedicated to stock split plays for 2024 and beyond. 

Neil Macneale III, a retired general contractor from Northern California, runs the newsletter and index. I’ve kept in contact with Macneale over the years because his portfolio has delivered consistent, above-average returns by buying and selling a single stock each month. 

Macneale has published the newsletter since Aug. 1996. Its annual return over 27.5 years through Dec. 31, 2023, is 12.07%, 248 basis points higher than the Wilshire 5000 Total Market Full Cap Total Return Index.

Could you do better with other indexes? Sure, you could, but I would bet dollars to donuts that its risk-adjusted returns are some of the best you’ll find with so little work involved.

In recent years, it’s been tougher to find quality companies splitting their stock—typically at least 2-for-1, hence the name. However, Macneale’s managed to cobble together a portfolio of 28-30 stocks despite the challenge.

Here are three names from the 2-for-1’s latest newsletter

Cooper Companies (COO)

Young woman putting contact lens in her right eye, close up
Source: life-literacy via Shutterstock

Cooper Companies (NASDAQ:COO) is one of the newsletter’s most recent additions. It was added on March 18, 2024, after the contact lens manufacturer completed a 4:1 stock split on Feb. 16.  

“COO’s PE ratio is quite high but its price-to-book ratio is well below industry averages. It pays a small dividend and has an average measure of volatility. Like ODFL, Cooper also has a record of strong earnings growth at close to 27% per year over the last five years,” Macneale wrote on March 15.  

Old Dominion Freight Line (NASDAQ:ODFL) is Macneale’s second pick. That gets the portfolio to 29 stocks, one shy of its ideal number of holdings.

I can’t remember if I’ve ever recommended Cooper stock. I’ve always liked the dual nature of its business, with specialty contact lenses (CooperVision) as one part and fertility and women’s health services through CooperSurgical as the other. 

CooperVision manufactures billions of contact lenses yearly, selling its products in more than 130 countries. It had $2.42 billion in revenue in 2023 and $587.7 million in operating income. CooperSurgical provides women and babies with over 600 products from more than 100 locations worldwide. It had $1.17 billion in revenue in 2023 and an operating profit of $16.1 million. 

In 2024, it expects to grow its revenues by 8.5% at the midpoint of its guidance, with adjusted EPS of $3.54. 

It’s quite the business.

Mueller Industries (MLI) 

Stacks of copper tubing
Source: Shutterstock

Mueller Industries (NYSE:MLI) was added on Oct. 16, 2023, after the company announced it would do a 2:1 split a week later. 

Macneale had some very positive commentary about the copper pipe and fittings manufacturer.

“Mueller Industries has been consistently profitable, has a rock-solid balance sheet, and can boast outstanding valuation numbers,” Macneale wrote in the October 2023 newsletter edition. 

Mueller is one of my favorite companies. I’ve been recommending MLI stock since Sept. 2021. It’s a great American success story. 

I recently wrote about Mueller in January, stating, “It’s simply one of the best stocks you can own.”

How much has it grown? In 1992, its annual operating income was $29.3 million. It was $756.1 million in 2023, 26 times the amount 30 years ago.

In Q4 2023, revenue decreased 17%, largely due to lower demand for new residential construction. With the U.S. housing market short as many as 7.2 million homes, construction will likely pick up once interest rates decrease.    

Mueller will be okay.

Copart (CPRT)

Image of a hand holding a wooden hammer at an auction.
Source: Gena Melendrez /

Copart (NASDAQ:CPRT) was added in Aug. 2023 after the online used car auction company announced a 2:1 split.

“Copart has been in the 2 for 1 Index twice before, in 2012 and 2017. In both instances CPRT was a winner; in the second instance, spectacularly so,” Macneale wrote in the August 2023 newsletter. 

“… No debt, highly profitable, growing at about 20% per year for the last five years – what’s not to like? Insiders own a substantial percentage of this company and have obviously found a formula that benefits themselves and their shareholders.”

Macneale is my kind of stockpicker. You can tell his focus on a company’s margin of safety is paramount.

Last November, I suggested that Copart stock was overbought, arguing that its free cash flow yield of less than 2% made it an expensive buy. Boy, was I wrong? It’s up 14% in the four months since. 

However, I did say that the services it provides insurance companies won’t go out of style, giving it a wide moat to keep generating 33% net margins. 

As Macneale rightly asks, what’s not to like?

On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Will Ashworth has written about investments full-time since 2008. Publications where he’s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia.

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