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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).

Follow 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.

Follow Emcor Group Inc. (NYSE:EME)

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.

Follow Qxo Insulation Llc (NYSE:BLD)

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.

Follow Kbr Inc. (NYSE:KBR)

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.

Follow Quanta Services Inc. (NYSE:PWR)

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.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

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The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Dr. Inan Dogan

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

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Dr. Inan Dogan

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

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