Even better, the company announced the acquisitions of Newell Brands' tool division and Sears' Craftsman arm, both boons to the company's future earnings.
But the stock is currently down almost $5 from its 52-week highs due to its recent announcement of an offering of 6.5 million equity units, a security that is similar to a common stock but not exactly the same.
"To me, the weakness here seems misguided," Cramer said. "I don't know if the sellers simply don't understand how these equity units work or if they just want to take profits, but either way, you're setting up to get an opportunity to a buy a high quality stock into some unjustified weakness given how strong the business is."
Even Stanley Black & Decker's bullish analyst day, during which management forecasted the toolmaker almost doubling its revenues by 2022, and Home Depot's earnings report, where tools were among the best-selling items, could not lift the market's spirits.
This was partly justified, Cramer said. In a nutshell, the company is not required to pay any interest or dividends on equity units, which cannot be converted to common stock until May 2020, barring certain circumstances.
While Cramer thinks offering equity units was a creative way for the industrial manufacturer to raise money, he said he would not advise buying them.
"I wouldn't necessarily recommend the equity units for homegamers; call me conservative, but I don't like buying something that we can't turn around and sell if the facts change. However, I think the common stock is absolutely worth buying into this weakness. Stanley Black & Decker is doing this equity offering to finance a pair of acquisitions that will substantially bolster the earnings in the not too distant future," the "Mad Money" host said. "What's not to like?"
Moreover, thanks to the recent pullback, Stanley Black & Decker's stock is relatively cheap, trading at under 17 times next year's earnings estimates.
"Here's the bottom line: Stanley Black & Decker's stock was on fire, right up until the company announced the equity unit offering last week, and then, of course, today's selloff didn't help anything. I think you need to view any continued weakness here as a rare opportunity to buy a very high quality stock coming down from its all-time high at a discount to its excellent future prospects," Cramer said. "That's called investing."
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