Having fallen more than 20% over the last week, Ford Motor Co (NYSE:F) has drifted into buying territory, according to Jim Cramer.
"We aren't adding to our position today because we already own so much Ford, but we think the price has gotten attractive," Cramer said Monday in a letter to members of CNBC's "Investing Club."
Cramer recently introduced a rating system for the club, giving each stock in the charitable trust a classification ranging from one to three:
- Buy it right here.
- Wait for a pullback before buying it.
- Sell into strength.
Cramer announced Monday he's adjusting Ford's rating from a two to a one, meaning he recommends buying the stock at current levels. He noted that Ford Chairman Bill Ford bought shares in December at $20.62 per share.
"If Bill Ford thinks around $20.62 is a good level to add to a position, then we think it is only right for us to get more constructive on Ford now that shares [are] down about 5% from his buy price," Cramer said.
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F Price Action: Ford has traded as low as $10.36 and as high as $25.87 over a 52-week period.
The stock was down 5.36% at $19.54 at the time of publication.
Photo: courtesy of Ford.
