Benzinga - by Lisa Levin, Benzinga Editor.
The most oversold stocks in the industrials sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
Stanley Black & Decker, Inc. (NYSE: SWK)
- Stanley Black & Decker reported a second-quarter FY23 sales decline of 5% year-on-year to $4.20 billion, beating the analyst consensus of $4.12 billion. “While the operating backdrop remains dynamic with some underlying consumer softness, we continue to see strong demand in the professional construction, automotive and aerospace markets as well as further stabilization across global supply chains,” said President and CEO Donald Allan, Jr. The company’s stock has a 52-week low of $70.24 .
- RSI Value: 27.31
- SWK Price Action: Shares of Stanley Black & Decker gained 0.9% to close at $78.18 on Friday.
- MasTec posted upbeat second-quarter earnings. Jose Mas, MasTec's Chief Executive Officer, commented, "All of our segments showed improved margin performance this quarter compared to the comparable quarter last year." It has a 52-week low of $62.36.
- RSI Value: 22.94
- MTZ Price Action: Shares of MasTec rose 1.4% to close at $68.89 on Friday.
- Alight posted better-than-expected second-quarter results. "Alight delivered strong financial performance in the second quarter with double digit growth across revenue, profitability and operating cash flow," said Chief Executive Officer Stephan Scholl. The company’s stock has a 52-week low of $6.33.
- RSI Value: 23.39
- ALIT Price Action: Shares of Alight gained 1.7% to close at $6.59 on Friday.
- Johnson Controls International reported third-quarter FY23 sales growth of 7.8% year-on-year to $7.13 billion (+9% organically), missing the consensus of $7.19 billion. "Our third quarter results met the high end of our guidance as we delivered robust margin expansion and strong adjusted EPS growth," said Olivier Leonetti, chief financial officer. The company’s 52-week low is $49.19.
- RSI Value: 28.14
- JCI Price Action: Shares of Johnson Controls gained 2% to close at $52.35 on Friday.
- Mesa Air Group reported worse-than-expected third-quarter financial results. Jonathan Ornstein, Chairman and CEO, said, “As expected, Fiscal 2023 has been a transformative year as we ended our agreement with American Airlines and transitioned all of our regional capacity to United. While we are pleased with the progress we have made in some areas, we have more work to do in others.” The company has a 52-week low of $0.83.
- RSI Value: 28.17
- MESA Price Action: Shares of Mesa Air gained 0.9% to close at $0.8475 on Friday.
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