Zacks Investment Research upgraded shares of Mettler-Toledo International (NYSE:MTD) from a hold rating to a buy rating in a research note published on Friday morning. They currently have $621.00 target price on the medical instruments supplier’s stock.
According to Zacks, “Mettler-Toledo continues to ride on the its solid momentum across the segments and benefits from acquisitions. The positive contributions from Biotix acquisition remain positive for the company’s top-line growth. Further, the company continues to witness strong performance of its Laboratory business which is a tailwind. Additionally, improving Spinnaker program and strengthening performance in China continue to aid the company’s sales number. Nevertheless, Mettler-Toledo’s focus on product development, cost reduction and sales and marketing efforts is benefiting its market position. Also, estimates have been going up ahead of the company’s Q3 earnings release. However, sluggish growth in the company’s product inspection business remains a concern. Further, seasonality and volatility in emerging market pose a serious risk to the business growth. Notably, the stock has underperformed the industry it belongs over a year.”
Other analysts also recently issued research reports about the stock. Morgan Stanley cut their price target on shares of Mettler-Toledo International from $540.00 to $529.00 and set an equal weight rating for the company in a report on Friday, July 27th. UBS Group assumed coverage on shares of Mettler-Toledo International in a report on Tuesday. They set a neutral rating and a $625.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price target on shares of Mettler-Toledo International from $550.00 to $600.00 and gave the stock a neutral rating in a report on Friday, July 27th. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $621.82.
Mettler-Toledo International (NYSE:MTD) last posted its quarterly earnings data on Thursday, July 26th. The medical instruments supplier reported $4.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.58 by $0.07. The firm had revenue of $722.00 million during the quarter, compared to the consensus estimate of $715.69 million. Mettler-Toledo International had a net margin of 13.52% and a return on equity of 90.80%. The business’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.92 EPS. Equities analysts expect that Mettler-Toledo International will post 20.15 EPS for the current year.
In related news, insider William P. Donnelly sold 2,873 shares of the stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $586.78, for a total value of $1,685,818.94. Following the completion of the transaction, the insider now owns 3,000 shares of the company’s stock, valued at approximately $1,760,340. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider La Guerroniere Marc De sold 4,609 shares of the stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $580.37, for a total transaction of $2,674,925.33. Following the completion of the transaction, the insider now directly owns 4,609 shares of the company’s stock, valued at approximately $2,674,925.33. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,358 shares of company stock valued at $10,744,204. 4.80% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the stock. Boston Common Asset Management LLC increased its position in shares of Mettler-Toledo International by 8.9% during the second quarter. Boston Common Asset Management LLC now owns 1,194 shares of the medical instruments supplier’s stock worth $691,000 after buying an additional 98 shares during the period. Aureus Asset Management LLC increased its position in shares of Mettler-Toledo International by 15.7% during the second quarter. Aureus Asset Management LLC now owns 752 shares of the medical instruments supplier’s stock worth $435,000 after buying an additional 102 shares during the period. Captrust Financial Advisors increased its position in shares of Mettler-Toledo International by 306.7% during the second quarter. Captrust Financial Advisors now owns 183 shares of the medical instruments supplier’s stock worth $106,000 after buying an additional 138 shares during the period. Cubist Systematic Strategies LLC increased its position in shares of Mettler-Toledo International by 20.7% during the first quarter. Cubist Systematic Strategies LLC now owns 823 shares of the medical instruments supplier’s stock worth $473,000 after buying an additional 141 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Mettler-Toledo International by 6.0% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,494 shares of the medical instruments supplier’s stock worth $1,443,000 after buying an additional 141 shares during the period. 92.93% of the stock is owned by institutional investors and hedge funds.
About Mettler-Toledo International
Mettler-Toledo International Inc manufactures and supplies precision instruments and services worldwide. The company operates in five segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations, and Other. It offers weighing instruments for laboratory, industrial, packaging, logistics, and food retailing applications; analytical instruments for use in life science; various related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development; and end-of-line product inspection systems used in production and packaging for food processing and packaging, pharmaceutical, packaged consumer goods, and other industries.
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