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11 top machinery stocks to buy in 2024

Ready to invest in the heavy equipment industry? Learn how to invest in machinery stocks in just a few steps.

The best machinery stocks depend on your portfolio and investment goals — while volatility can be ideal for day traders, long-term investors will want to look to stocks with steadier gains over time.

The top heavy equipment stocks included on this page all trade on the S&P 500, have an analyst recommendation of "Buy" or better and are sorted by year-to-date performance.

  1. Caterpillar (CAT)
  2. Dover Corporation (DOV)
  3. Flowserve Corporation (FLS)
  4. Cummins (CMI)
  5. Illinois Tool Works (ITW)
  6. Ingersoll Rand (IR)
  7. Graco (GGG)
  8. Xylem (XYL)
  9. ITT (ITT)
  10. Deere-and-Company (DE)
  11. Kulicke and Soffa Industries (KLIC)

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How to invest in machinery stocks

  1. Choose an online stock trading platform. Choose from our Top Picks above, use our comparison table below or jump straight to the best stock trading apps of 2024.
  2. Sign up for an account. Provide your personal information and sign up.
  3. Set up a funding method to pay for the transaction. Deposit funds into your account by linking your banking information.
  4. Choose the stocks you want to buy. Search for the stock by name or ticker symbol like CAT or DOV.
  5. Place your order. Buy the stock. It's that simple.

Take a deeper dive into machinery stocks

If you're interested in investing in the heavy equipment industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.

1. Caterpillar (CAT)

Caterpillar Inc. manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in worldwide. Its Construction Industries segment offers asphalt pavers, compactors, road reclaimers, forestry machines, cold planers, material handlers, track-type tractors, excavators, telehandlers, motor graders, and pipelayers; compact track, wheel, track-type, backhoe, and skid steer loaders; and related parts and tools.

Caterpillar stock opened the day at $358.50 after a previous close of $366.04. The latest price was $366.04 (25-minute delay). Caterpillar is listed on the NYSE, has a trailing 12-month revenue of around USD65.7 billion and employs 113,200 staff.

  • Market capitalization: $175,686,828,032
  • P/E ratio: 16.8937
  • PEG ratio: 1.6868

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2. Dover Corporation (DOV)

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market. This segment offers manual and power clamp, rotary and linear mechanical indexer, conveyor, pick and place unit, glove port, and manipulator, as well as end-of-arm robotic gripper, slide, and end effector; winches, hoists, bearings, drives, and electric monitoring system; and radio frequency and microwave filters and switches, and signal intelligence solutions.

Dover Corporation stock opened the day at $188.53 after a previous close of $189.27. The latest price was $189.27 (25-minute delay). Dover Corporation is listed on the NYSE, has a trailing 12-month revenue of around USD$8.5 billion and employs 25,000 staff.

  • Market capitalization: $25,903,220,736
  • P/E ratio: 17.149
  • PEG ratio: 1.3344

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3. Flowserve Corporation (FLS)

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines and in the oil and gas production and process markets.

Flowserve Corporation stock opened the day at $57.54 after a previous close of $58.06. The latest price was $58.06 (25-minute delay). Flowserve Corporation is listed on the NYSE, has a trailing 12-month revenue of around USD$4.5 billion and employs 16,000 staff.

  • Market capitalization: $7,547,551,232
  • P/E ratio: 28.3005
  • PEG ratio: 1.7409

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4. Cummins (CMI)

Cummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera.

Cummins stock opened the day at $348.31 after a previous close of $351.38. The latest price was $351.38 (25-minute delay). Cummins is listed on the NYSE, has a trailing 12-month revenue of around USD$34.2 billion and employs 75,500 staff.

  • Market capitalization: $48,108,355,584
  • P/E ratio: 22.981
  • PEG ratio: 0.6955

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5. Illinois Tool Works (ITW)

Illinois Tool Works Inc. manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.

Illinois Tool Works stock opened the day at $257.71 after a previous close of $258.82. The latest price was $258.82 (25-minute delay). Illinois Tool Works is listed on the NYSE, has a trailing 12-month revenue of around USD$15.9 billion and employs 45,000 staff.

  • Market capitalization: $77,141,221,376
  • P/E ratio: 22.6173
  • PEG ratio: 2.9803

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6. Ingersoll Rand (IR)

Ingersoll Rand Inc. provides various mission-critical air, gas, liquid, and solid flow creation technologies services and solutions worldwide. It operates through two segments, Industrial Technologies and Services, and Precision and Science Technologies.

Ingersoll Rand stock opened the day at $90.89 after a previous close of $92.28. The latest price was $92.28 (25-minute delay). Ingersoll Rand is listed on the NYSE, has a trailing 12-month revenue of around USD$7.2 billion and employs 18,000 staff.

  • Market capitalization: $37,427,724,288
  • P/E ratio: 45.3024
  • PEG ratio: 1.3126

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7. Graco (GGG)

Graco Inc. designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The Contractor segment offers sprayers to apply paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings to roofs, as well as markings on roads, parking lots, athletic fields, and floors.

Graco stock opened the day at $84.48 after a previous close of $84.71. The latest price was $84.71 (25-minute delay). Graco is listed on the NYSE, has a trailing 12-month revenue of around USD$2.1 billion and employs 4,000 staff.

  • Market capitalization: $14,085,467,136
  • P/E ratio: 29.477
  • PEG ratio: 2.8178

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8. Xylem (XYL)

Xylem Inc. , together with its subsidiaries, engages in the design, manufacture, and servicing of engineered products and solutions worldwide. It operates through four segments: Water Infrastructure, Applied Water, Measurement & Control Solutions, and Integrated Solutions and Services.

Xylem stock opened the day at $116.07 after a previous close of $117.14. The latest price was $117.14 (25-minute delay). Xylem is listed on the NYSE, has a trailing 12-month revenue of around USD$8.4 billion and employs 23,000 staff.

  • Market capitalization: $28,405,127,168
  • P/E ratio: 33.5977
  • PEG ratio: 2.1994

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9. ITT (ITT)

ITT Inc. , together with its subsidiaries, manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets in the United States and internationally. The Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, trucks, light- and heavy-duty commercial and military vehicles, buses, and trains.

ITT stock opened the day at $140.91 after a previous close of $143.68. The latest price was $143.68 (25-minute delay). ITT is listed on the NYSE, has a trailing 12-month revenue of around USD$3.5 billion and employs 10,600 staff.

  • Market capitalization: $11,595,004,928
  • P/E ratio: 24.2782
  • PEG ratio: 1.7667

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10. Deere-and-Company (DE)

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.

Deere-and-Company stock opened the day at $426.01 after a previous close of $432.49. The latest price was $432.49 (25-minute delay). Deere-and-Company is listed on the NYSE, has a trailing 12-month revenue of around USD$56 billion and employs 83,000 staff.

  • Market capitalization: $115,690,954,752
  • P/E ratio: 16.6406
  • PEG ratio: 2.24

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11. Kulicke and Soffa Industries (KLIC)

Kulicke and Soffa Industries, Inc. engages in the design, manufacture, and sale of capital equipment and tools used to assemble semiconductor devices. It operates through four segments: Ball Bonding Equipment, Wedge Bonding Equipment, Advanced Solutions, and Aftermarket Products and Services (APS).

Kulicke and Soffa Industries stock opened the day at $46.54 after a previous close of $46.95. The latest price was $46.95 (25-minute delay). Kulicke and Soffa Industries is listed on the NASDAQ and has a trailing 12-month revenue of around USD$706.2 million.

  • Market capitalization: $2,625,148,416
  • PEG ratio: 1.31

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Bottom line

While it’s possible to turn a profit investing in machinery stocks, keep in mind that — like any investment — machinery stocks are not immune to risk. These stocks are subject to fluctuating conditions — both in the market and in the heavy equipment industry, so carefully vet your picks before you invest. And if you’re new to investing, or if it’s been awhile since you’ve taken a critical look at your investing accounts, compare brokers to make sure you’re getting the best features in your trading account.

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