Fred Alger Management LLC Cuts Holdings in Mettler-Toledo International Inc. (NYSE:MTD)

Fred Alger Management LLC trimmed its position in Mettler-Toledo International Inc. (NYSE:MTD) by 25.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 3,759 shares of the medical instruments supplier’s stock after selling 1,288 shares during the quarter. Fred Alger Management LLC’s holdings in Mettler-Toledo International were worth $5,637,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Family Firm Inc. bought a new position in Mettler-Toledo International during the second quarter valued at $25,000. Blue Trust Inc. lifted its holdings in shares of Mettler-Toledo International by 242.9% in the 3rd quarter. Blue Trust Inc. now owns 24 shares of the medical instruments supplier’s stock valued at $34,000 after acquiring an additional 17 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in Mettler-Toledo International in the third quarter worth about $37,000. Rothschild Investment LLC bought a new stake in Mettler-Toledo International during the second quarter worth approximately $42,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in Mettler-Toledo International during the second quarter valued at approximately $42,000. 95.07% of the stock is currently owned by hedge funds and other institutional investors.

Mettler-Toledo International Price Performance

Shares of MTD opened at $1,251.20 on Friday. The firm has a market capitalization of $26.40 billion, a price-to-earnings ratio of 33.73, a PEG ratio of 4.10 and a beta of 1.16. Mettler-Toledo International Inc. has a 1-year low of $1,068.33 and a 1-year high of $1,546.93. The company has a 50-day moving average of $1,345.17 and a 200 day moving average of $1,393.26.

Mettler-Toledo International (NYSE:MTD) last posted its quarterly earnings results on Thursday, November 7th. The medical instruments supplier reported $10.21 earnings per share for the quarter, beating the consensus estimate of $10.00 by $0.21. Mettler-Toledo International had a net margin of 21.15% and a negative return on equity of 531.78%. The firm had revenue of $954.54 million during the quarter, compared to the consensus estimate of $941.93 million. On average, equities analysts anticipate that Mettler-Toledo International Inc. will post 40.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Mettler-Toledo International

In other news, Director Elisha W. Finney sold 76 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1,311.75, for a total transaction of $99,693.00. Following the transaction, the director now owns 240 shares in the company, valued at approximately $314,820. This trade represents a 24.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.94% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on MTD. JPMorgan Chase & Co. lifted their target price on Mettler-Toledo International from $1,300.00 to $1,400.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Stifel Nicolaus cut their price objective on shares of Mettler-Toledo International from $1,550.00 to $1,450.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Wells Fargo & Company reduced their target price on shares of Mettler-Toledo International from $1,400.00 to $1,350.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Robert W. Baird cut their price target on shares of Mettler-Toledo International from $1,375.00 to $1,310.00 and set a “neutral” rating on the stock in a report on Monday, November 11th. Finally, Evercore ISI raised their price objective on shares of Mettler-Toledo International from $1,375.00 to $1,450.00 and gave the stock an “in-line” rating in a research note on Tuesday, October 1st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $1,338.75.

Mettler-Toledo International Company Profile

Mettler-Toledo International Inc manufactures and supplies precision instruments and services in the Americas, Europe, Asia, and internationally. It operates through five segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations, and Other. The company’s laboratory instruments include laboratory balances, liquid pipetting solutions, automated laboratory reactors, real-time analytics, titrators, pH meters, process analytics sensors and analyzer technologies, physical value analyzers, density and refractometry, thermal analysis systems, and other analytical instruments; and LabX, a laboratory software platform to manage and analyze data generated from its instruments.