Are These Top Industrial Stocks On Your Watchlist Now?
The stock market today appears to be breathing a sigh of relief as Evergrande-related fears wade and the Fed brings reassurance. At the same time, industrial stocks appear to be kicking into high gear all around. This would be the case as the latest update on the Fed’s tapering plans suggests that the economy is recovering as intended. According to Fed Chairman Jerome Powell, tapers could conclude by mid-2022 should the “economic recovery remain on track”. Now, how would all this tie in with industrial stocks might you ask? Well, thanks to the somewhat positive outlook on the economy, investors could be eyeing industrial stocks among other cyclical sectors.
Accordingly, some of the top names in the industrial sector do not seem to be slowing down anytime soon. Aviation giant Boeing (NYSE: BA) is now expecting demand for its offerings to soar among Chinese airlines. Specifically, the company projects that 8,700 new airplanes will be ordered by 2040. The likes of which add up to a cool $1.47 trillion. Meanwhile, Nucor (NYSE: NUE), an industry-leading steel producer is looking to expand its production capabilities. This is evident as it now plans to construct a new state-of-the-art, three-million-ton sheet processing mill. By and large, I can understand if all this has investors keen on the top industrial stocks now. Here are four to consider in the stock market now.
Best Industrial Stocks To Watch Today
- Meta Materials Inc. (NASDAQ: MMAT)
- Alcoa Corporation (NYSE: AA)
- Honeywell International Inc. (NASDAQ: HON)
- Caterpillar Inc. (NYSE: CAT)
Meta Materials is an industrial company whose products are used across a range of applications. It invents and manufactures sustainable and highly functional materials. Namely, its technology platform encompasses three core capabilities: holography, lithography, and wireless sensing. These technologies enable leading global brands to deliver breakthrough products to Meta Materials’ customers in the fields of 5G, communications, health, aerospace, and also clean energy. MMAT stock currently trades at $5.12 as of 12:45 p.m. ET.
The company on Wednesday announced a global strategic co-development initiative, called Ideas for Innovation. In essence, this new outreach program will build upon ten years of shaping the field of metamaterial science in partnership with top researchers from around the world.
Furthermore, this would help accelerate metamaterial breakthroughs. It also recently announced the appointment of two executives to newly created strategic positions. This would include Shann Kerner, Ph.D., J.D., Chief Intellectual Property Officer, and Cindy Roberts, Executive Vice President of Corporate Affairs & Chief of Staff. Dr. Kerner will provide in-house expertise and strategic direction for META’s rapidly growing intellectual property portfolio. Given the excitement surrounding the company, will you consider investing in MMAT stock?
Following that, we have Alcoa Corporation, one of the largest producers of aluminum in the world. The company is a global industry leader in the production of bauxite, alumina, and aluminum. It also boasts a portfolio of value-added cast products and select energy assets. Following that, the company continues to build its legacy of breakthrough innovations and best practices that have led to efficiency, safety, and sustainability. AA stock currently trades at $48.88 a piece as of 12:45 p.m. ET and is up by over 300% in the past year alone.
On September 20, 2021, the company announced that it plans to restart 268,000 metric tons per year (mtpy) of aluminum capacity at the Alumar smelter in Brazil, which has been fully curtailed since 2015. The first molten metal is expected in the second quarter of 2022, and the full 268,000 mtpy of capacity is expected to be operational in the fourth quarter of 2022.
By 2024, the Alumar smelter will be powered with 100% renewable energy. “Our restart decision is based on an analysis that shows the smelter can be competitive throughout all cycles, leveraging the co-located refinery, a strong workforce, and competitive, renewable power arrangements,” said John Slaven, Executive Vice President, and Chief Operating Officer. With this piece of information, is AA stock worth watching right now?
Honeywell International Inc.
Honeywell is a multinational conglomerate corporation with headquarters in North Carolina. In brief, it is a Fortune 100 technology company that delivers industry-specific solutions. Also, this includes aerospace, building technologies, performance materials and technologies, and safety and productivity solutions. With that being said, HON stock currently trades at $220.12 as of 12:46 p.m. ET, up by over 35% in the past year.
In its latest financials that were posted in July, the company announced that it had beaten guidance and delivered a strong second quarter. In summary, it enjoyed sales growth in all four segments, totaling $8.8 billion for the quarter. Honeywell also reported a net income of $1.4 billion It also ended the quarter with $11.4 billion in cash and cash equivalents. Given the impressive financials, will you consider adding HON stock to your watchlist of industrial stocks?
Another top name to consider among industrial stocks now would be Caterpillar. In brief, Caterpillar is mainly a construction machinery and equipment company. As such, it designs, develops, and manufactures a wide variety of products for the construction industry. Aside from that, the company also offers customers financial products and insurance solutions related to construction project planning as well. All this with its global network of operations makes Caterpillar the world’s largest construction equipment manufacturer. As with most industrial stocks, CAT stock would rise with overall investor sentiment on the reopening trade.
Now, the company’s shares are trading at $197.32 a stock as of 12:46 p.m. ET. The real question now is, would now be a good time to buy CAT stock? Well, for one thing, the company remains hard at work extending its current lead in the industry. Just this month, Caterpillar made two notable plays. Firstly, the company is now working with energy industry titan Chevron (NYSE: CVX).
The duo is developing hydrogen demonstration projects in transportation and stationary power applications. Secondly, Caterpillar also acquired CarbonPoint Solutions, a U.S.-based carbon capture tech firm. By doing so, Caterpillar is looking to reduce greenhouse gas emissions of its wares, in turn, helping its clients meet their climate-based goals. Given Caterpillar’s current momentum, would CAT stock be a top watch for you?