Arguably the best testament to the quality of Lincoln Electric (NASDAQ: LECO) is the relatively gentle treatment that the Street has given this stock. While many quality industrial names like Cummins (NYSE: CMI), Illinois Tool Works (NYSE: ITW), and Siemens (NYSE: SI) have lagged the market, Lincoln has been rather strong over the past year. As much as this is a great industrial company to own for the long haul, investors may want to hope for another Wall Street freakout regarding the global industrial economy before buying shares.
Four Among Many
Welding and cutting tools are integral to a wide range of industries and so it's probably no great surprise that it's a large and highly fragmented market. Only four companies really stand out in the industry with significant share and Lincoln Electric is the largest with roughly 12% share. After Lincoln comes Colfax (NYSE: CFX) (through its acquisition of Charter International), Illinois Tool Works, and Air Liquide. All together, though, these largest players account for maybe one-third of the market.
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Lincoln Electric's Greatness Doesn't Come Cheap
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