Here’s Why Mettler-Toledo International (MTD) Declined in Q2
Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 8.70% net of fees in the second quarter, outperforming the Russell Midcap Growth Index’s 6.23% return. Year-to-date, the strategy returned 19.82% net of fees compared to a 15.94% return for the benchmark. The strategy benefited from the positive stock selection in five of the seven sectors in which it is invested. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Mid Cap Strategy highlighted stocks like Mettler-Toledo International Inc. (NYSE:MTD) in the second quarter 2023 investor letter. Based in Columbus, Ohio, Mettler-Toledo International Inc. (NYSE:MTD) is a precision instruments and services manufacturer and supplier. On August 10, 2023, Mettler-Toledo International Inc. (NYSE:MTD) stock closed at $1245.45 per share. One-month return of Mettler-Toledo International Inc. (NYSE:MTD) was -6.49%, and its shares lost 8.70% of their value over the last 52 weeks. Mettler-Toledo International Inc. (NYSE:MTD) has a market capitalization of $27.425 billion.
Conestoga Mid Cap Strategy made the following comment about Mettler-Toledo International Inc. (NYSE:MTD) in its second quarter 2023 investor letter:
"Mettler-Toledo International Inc. (NYSE:MTD): MTD is a leading manufacturer of weighing and precision instruments for use in laboratory, industrial, and food retailing applications. During the quarter, shares were pressured by continued de-stocking of pipette tips in the Biotech and Pharmaceutical end markets. Over the last several years, these customers had over-purchased pipette tips to ensure they had adequate inventory during the period of supply chain constraints. MTD expects 2Q23 to be the trough in pipette de-stocking, which represents only around 10% of total revenue."
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Mettler-Toledo International Inc. (NYSE:MTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Mettler-Toledo International Inc. (NYSE:MTD) at the end of the first quarter which was 34 in the previous quarter.
We discussed Mettler-Toledo International Inc. (NYSE:MTD) in another article and shared Baron Health Care Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
