Lincoln Electric stock saw an improvement in its IBD SmartSelect Composite Rating Monday, from 93 to 96.
The upgrade means the stock is now outpacing 96% of all other stocks in terms of key performance metrics and technical strength. The best stocks tend to have a 95 or better grade as they launch a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.
Lincoln Electric stock is currently forming a consolidation, with a 148.64 entry. Look for the stock to break out in volume at least 40% higher than normal.
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The stock earns a 91 EPS Rating, which means its recent quarterly and longer-term annual earnings growth tops 91% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
In Q2, the industrial automation company reported 31% earnings-per-share growth. Top line growth came in at 17%, down from 22% in the prior quarter.
Lincoln Electric stock earns the No. 1 rank among its peers in the Machinery-Tools & Related industry group. Enerpac Tool Group and Xylem are also among the group's highest-rated stocks.
