5 Best Basic Materials Stocks to Buy Now

3. Linde plc (NYSE:LIN)

Number of Hedge Fund Holders: 56

Chemicals giant Linde plc (NYSE:LIN) is one of the most notable stocks in the basic materials sector. Last month Linde plc (NYSE:LIN) posted strong Q1 results. Adjusted EPS in the period came in at $3.42, beating estimates by $0.28. Revenue in the quarter was $8.2 billion, in-line with the estimates.

As of the end of the fourth quarter of 2022, 56 hedge funds had stakes in Linde plc (NYSE:LIN). The biggest stakeholder of Linde plc (NYSE:LIN) during this period was Ian Simm’s Impax Asset Management which owns a $945 million stake in the company.

Madison Funds made the following comment about Linde plc (NYSE:LIN) in its fourth-quarter 2022 investor letter:

“Linde plc (NYSE:LIN) stock was strong during the fourth quarter following a solid third quarter. Linde remains well positioned with the passage of the Inflation Reduction Act and energy transition with carbon dioxide sequestration opportunities, gasification services, and various hydrogen projects. Linde and Schlumberger announced that they entered into a collaboration of carbon capture, utilization, and sequestration (CCUS) projects to accelerate decarbonization solutions across industrial and energy sectors. The collaboration will combine decades of experience in carbon dioxide capture and sequestration. The collaboration will focus on hydrogen and ammonia production where carbon dioxide is a by-product. The International Energy Agency estimates that 6 Gigatons of carbon dioxide will need to be abated with CCUS in order to reach net zero by 2050. During the quarter, Linde also announced that it became a signatory to the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative. As a signatory, Linde has committed to aligning its strategy and activities with the UNGC’s Ten Principles across human rights, labor, environment, and anti-corruption.”