10 Best Industrial Stocks to Buy According to Hedge Funds

08. Linde plc (NASDAQ:LIN)

Number of Hedge Funds Holders: 65

Linde plc (NASDAQ:LIN) operates as an industrial gas company in the Americas, Europe, the Middle East, Africa, Asia, and South Pacific. It offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. Linde plc (NASDAQ:LIN) announced its Q1 2024 earnings results on May 2. It reported a normalized EPS of $3.75 and revenue of $8.1 billion, down 1% from last year. The operating profit was $2.1 billion, with an adjusted profit of $2.3 billion, up 6%. For 2024, Linde plc (NASDAQ:LIN) expects an adjusted EPS between $15.30 and $15.60, reflecting an 8% to 10% growth. In a recent development, on May 2, Linde plc (NASDAQ:LIN) announced a long-term agreement with H2 Green Steel to supply industrial gases to the first large-scale green steel production plant. Linde plc (NASDAQ:LIN) will invest about $150 million to build, own, and operate an on-site air separation unit (ASU) in Boden, northern Sweden. This ASU will provide oxygen, nitrogen, and argon to H2 Green Steel’s plant, which aims to cut carbon emissions by up to 95% compared to traditional steelmaking methods. The new ASU is expected to begin operations by 2026 and will also serve Linde plc (NASDAQ:LIN) current and new customers in the local market.

The number of hedge funds in Insider Monkey’s database owning stakes in Linde plc (NASDAQ:LIN) fell to 65 in Q1 2024, from 74 in the preceding quarter. The consolidated value of these stakes is nearly $3.84 billion. Among these hedge funds, Alexander Mitchell’s Scopus Asset Management was the company’s leading stakeholder in Q1.