5 Best Engineering Stocks to Buy for 2024

In this piece, we will take a look at the five best engineering stocks to buy for 2024. If you want to learn more about what qualifies a stock as an engineering stock, then read 11 Best Engineering Stocks to Buy for 2024.

5. Jacobs Solutions Inc. (NYSE:J)

Number of Q4 2023 Hedge Fund Shareholders: 39

Jacobs Solutions Inc. (NYSE:J) is another diversified engineering consulting firm whose services help the financial, technology, and construction industries. Another highly rated stock, the shares are rated Strong Buy on average, and the average analyst share price target is $158.

During Q4 2023, 39 out of the 933 hedge funds tracked by Insider Monkey had invested in Jacobs Solutions Inc. (NYSE:J).

4. EMCOR Group, Inc. (NYSE:EME)

Number of Q4 2023 Hedge Fund Shareholders: 41

EMCOR Group, Inc. (NYSE:EME) covers the engineering needs of businesses when it comes to managing power generation systems, communications equipment such as fiber cables, and safety systems. It’s one of the best performing energy stocks on our list as the shares are up by 30% ahead of its fourth quarter earnings.

As of December 2023 end, 41 out of the 933 hedge funds profiled by Insider Monkey had held a stake in the firm. EMCOR Group, Inc. (NYSE:EME)’s largest hedge fund shareholder is Cliff Asness’s AQR Capital Management courtesy of its $837 million stake.

3. TopBuild Corp. (NYSE:BLD)

Number of Q4 2023 Hedge Fund Shareholders: 41

TopBuild Corp. (NYSE:BLD) is a construction engineering company that helps builders to manage their projects. February 2024 has been an important month for the firm as it has seen TopBuild Corp. (NYSE:BLD)’s shares set a new 52 week high of $414, and the year has also seen the firm diversify its operations by acquiring a pest control company.

By the end of 2023’s fourth quarter, 41 out of the 933 hedge funds tracked by Insider Monkey were TopBuild Corp. (NYSE:BLD)’s shareholders. Phill Gross and Robert Atchinson’s Adage Capital Management was the biggest investor through its $109 million stake.

2. KBR, Inc. (NYSE:KBR)

Number of Q4 2023 Hedge Fund Shareholders: 47

KBR, Inc. (NYSE:KBR) provides design and systems engineering services to the defense and space industry worldwide. The firm has beaten analyst EPS estimates in three out of its four latest quarters, the shares are rated Strong Buy on average, and the average analyst share price target is $68.90.

During last year’s December quarter, 47 out of the 933 hedge funds part of Insider Monkey’s database had held a stake in the company. The largest KBR, Inc. (NYSE:KBR) hedge fund shareholder is Alex Duran and Scott Hendrickson’s Permian Investment Partners as it owns 2.7 million shares that are worth $153 million.

1. Quanta Services, Inc. (NYSE:PWR)

Number of Q4 2023 Hedge Fund Shareholders: 51

Quanta Services, Inc. (NYSE:PWR) enables businesses to engineer and build their clean energy projects, maintain natural gas systems, install new power projects, and procure additional and associated services. After its full year 2023 results saw the firm beat analyst revenue estimates of $20 billion by posting $21 billion in the segment, Goldman Sachs raised its share price target to $259 from $227 and maintained a Buy rating.

By Q4 2023 end, 51 out of the 933 hedge funds covered by Insider Monkey’s research had invested in Quanta Services, Inc. (NYSE:PWR). William Harnisch’s Peconic Partners LLC owned the biggest stake which was worth $1.1 billion.

Disclosure: None. You can also take a look at 25 Fastest Growing Real Estate Markets in the World and 12 Best Medical Stocks to Buy Under $10.

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