4 Trending Industrial Stocks To Watch In The Stock Market Today
As U.S. industrial production jumps higher than expected, industrial stocks could be worth noting in the stock market this week. According to the Fed, industrial production rose by 0.9% in March, more than the 0.4% economists were expecting. These numbers point toward a booming industry, despite fears of a potential slowdown in the economy. Therefore, it is no surprise that many investors are keeping an eye on industrial stocks.
Investors could be looking at the likes of Honeywell (NASDAQ: HON). Last week, the company announced a partnership with AstraZeneca (NASDAQ: AZN). The two will be working to develop next-generation respiratory inhalers that use near-zero global warming potential propellants. Namely, the inhaler will serve to treat asthma and chronic obstructive pulmonary disease. Elsewhere, we have Nucor (NYSE: NUE). The steel company recently acquired Elite Storage Solutions, a steel racking manufacturer, for $75 million. This strategic acquisition will boost Nucor’s steel racking capabilities as well as provide the company access to new customers. Nucor will also report its quarterly earnings this coming Thursday. Hence, with these developments in this space, are you keen on industrial stocks? If so, check out these top industrial stocks in the stock market today.
Industrial Stocks To Buy [Or Sell] Right Now
Starting us off today is Textron. The conglomerate is active in defense, industrial, and aviation, and is also recognized for its impressive brand portfolio. This includes the likes of Bell, Cessna, Beechcraft, E-Z-GO, and many more. As it stands, the company has a worldwide presence supported by 33,000 employees in more than 25 countries. Just yesterday, the company announced that it has closed its acquisition of Pipistrel. Under the terms of the transaction, Textron acquired Pipistrel for approximately $235 million.
Based in Slovenia and Italy, Pipistrel is an award-winning pioneer and global leader in electrically powered aircraft. As a Textron company, Pipistrel will have access to greater resources, expertise, and a global aircraft sales and support network. This would in turn accelerate its development and certification of electric and hybrid-electric aircraft. Accordingly, Pipistrel will be part of Textron’s newest segment, Textron eAviation. The eAviation segment will pursue Textron’s long-term strategy to offer a family of sustainable aircraft for urban air mobility, general aviation, and cargo. With this successful acquisition, could you see TXT stock taking off?
Another top industrial stock to look out for is Fastenal. The company primarily engages in the wholesale distribution of industrial and construction supplies. This includes the likes of threaded fasteners, bolts, nuts, screws, studs, washers, as well as miscellaneous supplies and hardware. As a matter of fact, the company has over a whopping 690,000 products. In addition to its extensive offerings, Fastenal offers services such as inventory management, small fastener manufacture, vending, and machining.
Last week, Fastenal reported its first-quarter earnings for the year. Jumping right in, the company brought in $1.7 billion in revenue compared to $1.42 billion last year. This represents an increase of $287 million, or up by 20.3% year-over-year. Fastenal owes this increase to improved unit sales across its products to traditional manufacturing and construction customers. In particular, its daily sales of fasteners increased by 24.6% over the quarter. Fasteners also make up a 34.3% bulk of the company’s net sales. As for its profits, the company raked in $269.6 million, up by 28% year-over-year. Accordingly, earnings per diluted share were $0.47, a rise of 27.8%. All in all, given the strong quarterly performance, would you buy FAST stock?
Following that, we have Boeing. In short, it is a multinational corporation that designs, manufactures, and sells aerospace equipment. This ranges from airplanes, rotorcrafts, and rockets to satellites and telecommunication wares to name a few. Additionally, the company boasts more than 10,000 Boeing-built commercial airlines that are in service worldwide. This makes up almost half of the world’s fleet. Seeing that BA stock has been down by about 25% over the past year, could things turn around soon?
On Wednesday last week, Boeing reported the delivery figures of its commercial and defense operations for the first quarter of 2022. Notably, it sees an improvement of 23.4% in commercial shipments from the previous year’s tally. Precisely, Boeing delivered 95 airplanes, an increase from 77 airplanes last year. As for its defense shipments, it improved by 5.1% year-over-year. This represents 41 airplanes delivered in the first quarter. Combining both the segments, Boeing’s total deliveries in the fourth quarter were 136 units compared with 119 units delivered in the year-ago period. All in all, these solid delivery numbers will likely boost Boeing’s top line in its first-quarter report. With these figures in mind, should you invest in BA stock?
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Last, but not least, is Werner. For the most part, it is a premier transportation and logistics company that mainly provides coverage throughout North America. Werner has offices in the U.S., Canada, and Mexico. Impressively, it is also among the five largest truckload carriers in the U.S. The company offers a diversified portfolio of services. This includes medium-to-long-haul, regional, expedited, and temperature-controlled van and trailer fleets. Two weeks ago, Werner announced that it is collaborating with Aurora Innovation, an autonomous vehicle (AV) company.
Specifically, the two will be piloting a program to test autonomous trucks for hauling freight in Texas. The program will utilize Aurora’s self-driving system, called the Aurora Driver. The system will be operating Werner trucks on a roughly 600-mile stretch of highway between Fort Worth and El Paso. This particular stretch is a heavily traveled truck route between Atlanta and Los Angeles. Being a monotonous nine-hour drive, this route makes for an ideal use case for the Aurora Driver system. And for the time being, the Aurora-driven trucks will still be manned. Werner CEO Derek Leathers added, “We look forward to building a hybrid world where drivers continue to haul freight while autonomous trucks supplement rising demand.” Given this collaboration, does WERN stock deserve a spot on your portfolio?