1. Linde plc (NYSE:LIN)
Number of Hedge Fund Holders: 70
Linde plc (NYSE:LIN) is an industrial gas company that operates across North and South America, Europe, the Middle East, Africa, and the Asia Pacific. They provide a variety of gasses, from common ones like oxygen and nitrogen to specialty gasses like electronic and acetylene. Linde plc (NYSE:LIN) serves a range of industries including healthcare, chemicals, manufacturing, mining, and more. It is one of the best chemical stocks to buy now.
On July 17, Linde plc (NYSE:LIN) announced the signing of two significant agreements in Brazil to source renewable energy, boosting its global renewable energy capacity by over 60%. White Martins, a subsidiary of Linde plc (NYSE:LIN), has entered into these agreements, securing a supply of more than 2 million megawatt-hours of renewable energy annually. This allows Linde plc (NYSE:LIN) to replace nearly half of its current power usage in Brazil.
According to Insider Monkey’s second quarter database, 70 hedge funds were bullish on Linde plc (NYSE:LIN), same as the preceding quarter. Alexander Mitchell’s Scopus Asset Management is the leading position holder in the company, with 116,885 shares worth $44.54 million.
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.”
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