Time to Buy These Highly Recommended Industrial Products Stocks

Core Insights - Several industrial products stocks are highlighted on the Zacks Rank 1 (Strong Buy) list, with 16 companies from the sector competing for recognition [1] - Three stocks, Applied Industrial Technologies, Atmus Filtration Technologies, and Belden, are particularly recommended by brokers, each receiving an average recommendation of 1.0 [1] Applied Industrial Technologies (AIT) - AIT is recognized for its engineering, design, and system integration services, with all four brokers covering the stock giving it a strong buy rating [1] - The stock is approaching its 52-week high of $201, having increased by 7% this month [1] - Annual earnings are projected to rise by 9% in fiscal 2024 and an additional 2% in FY25, reaching $9.72 per share [2] - The forward earnings multiple is 20.4X, with an average price target of $211.25 indicating an 8% upside potential [2] Atmus Filtration Technologies (ATMU) - ATMU, a manufacturer of advanced filtration products, has all six brokers rating it as a strong buy [4] - The average price target is $35.42, suggesting a 16% upside [4] - EPS is expected to decline by 2% this year but is forecasted to rebound with a 5% increase in FY25, reaching $2.38 per share [4] Belden (BDC) - Belden, which specializes in cable, connectivity, and networking products, has all five brokers rating it as a strong buy [6] - The stock has surged by 15% this month following a Q1 EPS of $1.24, surpassing the Zacks Consensus of $1.05 by 18% [6] - Annual earnings are expected to decline by 15% in FY24 but are projected to rebound with a 29% increase next year, reaching $7.47 per share [6] - The average price target is $104.60, indicating a 13% upside from current levels [6] Conclusion - The upward trend in earnings estimate revisions for Applied Industrial Technologies, Atmus Filtration Technologies, and Belden positions them as strong performers in the current quarter [7]