Check Out These Industrial Stocks In The Stock Market Today
It’s no secret that the stock market has corrected in recent months. Even though tech stocks pulled off an amazing rally during the first half of this week, it’s far from certain if the momentum could persist. After all, we’ve all seen the weaker than expected fourth-quarter results coming from Meta Platforms (NASDAQ: FB). Following the announcement, other social media stocks such as Twitter (NYSE: TWTR) and Snap (NYSE: SNAP) appear to also fall in sympathy.
With that in mind, investors are turning to value oriented industrial stocks amid the recent market sentiment. Considering there are a number of factors that could have an impact on your portfolio returns, knowing what is occurring in both the short and long term would be helpful. Right now, this includes inflation, interest rates, supply chain woes, and so on. It’s also worth noting that the latest jobless claims for the week ended January 29 totaled 238,000, below the 245,000 Dow Jones estimate, potentially supporting the recovery narrative.
Given that some of the top industrial names continue to benefit from the ongoing economic recovery, it wouldn’t hurt to take a closer look at this space. Namely, General Electric (NYSE: GE) had recently secured an order valued at more than $6.8 billion from Qatar Airways for its GE9X engines. While inflation is certainly a challenge for GE this year, it did not stop the company from winning new businesses. With all that being said, here are four industrial stocks to check out in the stock market today.
Top Industrial Stocks To Buy [Or Avoid] In February 2022
- Allegheny Technologies Incorporated (NYSE: ATI)
- Emerson Electric Co. (NYSE: EMR)
- Corning Incorporated (NYSE: GLW)
- Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC)
Kicking off our list is Allegheny Technologies, a company that commits itself to solving the world’s most difficult challenges through materials science. The company produces advanced specialty materials and components that are able to withstand extremes of temperatures, stress, and corrosion. This includes melting, forging, and machining processes. As such, Allegheny’s products are mainly catered towards the energy, aerospace, and defense markets with its various suite of specialty alloys. Over the past month, ATI stock skyrocketed by over 35%.
On Wednesday, Allegheny announced its Q4 2021 results. Generally, the company fared well largely thanks to an acceleration in aerospace recovery. Diving in, sales were $765.4 million, which is 16% higher than the 2020’s Q4. Alongside that, operating income more than doubled compared to Q3 2021, increasing from $29.9 million to $67.2 million. Also, adjusted earnings per share were $0.25 on $33.6 million worth of adjusted net income. As for its 2022 outlook, CEO Bob Wetherbee said “Looking ahead to the first quarter, we anticipate strong year-over-year revenue and earnings growth primarily driven by the ongoing commercial aerospace recovery and our business transformation efforts. We expect normal seasonal cash outflows, including deploying working capital to meet increased demand requirements,” On that note, does ATI stock deserve a spot on your watchlist?
[Read More] 5 Top Value Stocks To Watch In February 2022
Emerson Electric is a multinational technology, software, and engineering company that provides clients with solutions. Notably, the company does so in the industrial, commercial, and residential markets. The company’s segments include Automation Solutions and Commercial & Residential Solutions, which consists of its Climate Technologies and Tools & Home Products segments. For a sense of scale, Emerson is a Fortune 500 company that has approximately 83,500 employees and 200 manufacturing locations. Just yesterday, the company reported its fiscal Q1 earnings and revenues which topped estimates.
Emerson scored a positive quarter largely thanks to strong demand for its automation systems and its air-conditioning and refrigeration products. Additionally, companies across North America have been rushing to add robots to their assembly lines to keep up with strong demand. This effectively led to an increase of 4.2% in sales to Emerson’s Automation Solutions unit, which now stands at $2.81 billion. Moreover, net sales were $4.5 billion, up 8% year-over-year. GAAP earnings per share were $1.50, up by 103% from the year before. Accordingly, net income rose to $896 million against last year’s $445 million. With this solid quarter in mind, is EMR stock one to buy for your portfolio?
Corning is a leading innovator in materials science. The company has unparalleled expertise in glass science, ceramic science, and optical physics. This, in hand with excellent manufacturing and engineering capabilities, allows Corning to develop category-defining products that transform industries. Its Display Technologies segment manufacturers glass substrates for flat-panel liquid crystal displays and other high-performance display panels. Whereas its Life Sciences segment manufactures glass and plastic equipment that enable workflow solutions for drug discovery and bioproduction. In fact, Corning is one of the companies responsible for manufacturing glass tubing and vials for the COVID-19 vaccines.
Over the past month, GLW stock has increased by more than 15%. On January 26, the company announced its Q4 and full-year 2021 results. For starters, full-year sales grew by 23%, surpassing $14 billion. Additionally, full-year core earnings per share increased to $2.07, a 49% jump from the year before. Corning also provided its outlook for 2022. For the first quarter, Corning expects core sales to be in the range of $3.5 billion to $3.7 billion. Besides that, the company expects core earnings per share of $0.48 to $0.53. All things considered, is GLW stock worth buying?
Ericsson is a Swedish telecommunications equipment and services company. The company offers services, infrastructure, and software for telecommunication service providers and enterprises. Ericsson operates in more than 180 countries and has over 57,000 patents. In fact, it is a major contributor to the development of the telecommunications industry and is one of the leaders in 5G. Over the past month, ERIC stock has risen by over 13%.
Last week, Ericsson reported their fourth-quarter and full-year results for 2021. Getting into it, revenues for the quarter increased 2.5% year-over-year to about $8.05 billion. As for its quarterly net income, it came in at about $1.1 billion, an impressive increase of 41% from the prior year. Accordingly, earnings per share were $0.33 compared against $0.24 from last year. In other news, in November last year, Ericsson announced that it will be acquiring Vonage (NASDAQ: VG) for $6.2 billion. Vonage, a global provider of cloud-based communications, will give Ericsson the foundation to develop a global network platform to drive innovation on top of the 5G networks. Given this acquisition and a good quarter, do you think ERIC stock is worth watching?
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