8 Best Scientific Instruments Stocks to Buy

4. Mettler-Toledo International Inc. (NYSE:MTD)

Number of Hedge Fund Holders: 42

Mettler-Toledo International Inc. (NYSE:MTD) is a global manufacturer and marketer of precision instruments for use in laboratory, industrial, and food retailing applications. The company reported a modest rise in adjusted earnings per share (EPS) for the first quarter of 2024, with the instrument supplier announcing an adjusted EPS of $8.89, marking a 2% increase from $8.69 in the same quarter last year and surpassing analyst estimates of $7.65. Revenue for the quarter remained steady at $925.9 million, outperforming the consensus estimate of $879.72 million.

Looking forward, Mettler-Toledo International Inc. (NYSE:MTD) projects a 4% decline in local currency sales for the second quarter of 2024, with adjusted EPS expected to range between $8.90 and $9.05, reflecting an 11% to 13% decrease. This guidance accounts for an estimated 2% negative impact from adverse currency conditions. For the full year, the company anticipates a 2% increase in local currency sales and an adjusted EPS between $39.90 and $40.40, indicating a growth of 5% to 6%.

Following these results, Stifel raised its price target for MTD shares to $1,510.00 from $1,270.00, while maintaining a Buy rating. Stifel anticipates that Mettler-Toledo International Inc. (NYSE:MTD)’s capacity for mid-single-digit organic growth next year could facilitate an EPS increase of 15% or more. This projection suggests a promising growth trajectory for the company’s stock as the year progresses.

As of the end of the first quarter of 2024, Insider Monkey’s tracking data showed that 42 out of 919 hedge funds held stakes in Mettler-Toledo International Inc. (NYSE:MTD). The largest stakeholder among them was Terry Smith’s Fundsmith LLP, with a $812.2 million investment.