Hedge Funds Are Crazy About Mettler-Toledo International Inc. (MTD)

As one would reasonably expect, specific money managers have jumped into Mettler-Toledo International Inc. (NYSE:MTD) headfirst. Point72 Asset Management initiated the most outsized position in Mettler-Toledo International Inc. (NYSE:MTD). Point72 Asset Management had $11.9 million invested in the company at the end of the quarter. Jim Simons’s Renaissance Technologies also initiated a $8.8 million position during the quarter. The following funds were also among the new MTD investors: D. E. Shaw’s D E Shaw, Matthew Hulsizer’s PEAK6 Capital Management, and Ken Griffin’s Citadel Investment Group.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Mettler-Toledo International Inc. (NYSE:MTD) but similarly valued. These stocks are KLA-Tencor Corporation (NASDAQ:KLAC), Interpublic Group of Companies Inc (NYSE:IPG), Fitbit Inc (NYSE:FIT), and CenterPoint Energy, Inc. (NYSE:CNP). This group of stocks’ market caps match MTD’s market cap.

As you can see these stocks had an average of 28 hedge funds with bullish positions and the average amount invested in these stocks was $703 million, higher than the $360 million in MTD’s case. Interpublic Group of Companies Inc (NYSE:IPG) is the most popular stock in this table, while Fitbit Inc (NYSE:FIT) is the least popular one with only 20 bullish hedge fund positions. Mettler-Toledo International Inc. (NYSE:MTD) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard IPG might be a better candidate to consider a long position.