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This stock just isn't appreciated: Cramer

(Click for video linked to a searchable transcript of this Mad Money segment)

When fear sweeps across the stock market, sometimes good stocks get trampled as investor race for the exits.

That's a shame.

"Because the fact is, there are still high-quality companies out there that are executing fabulously," noted Jim Cramer.

Although many stocks fall into this category, currently the "Mad Money" host is focused on Honeywell, a diversified manufacturer of aerospace parts and climate control systems.

Woraput | Vetta | Getty Images

"Last Friday Honeywell reported earnings and the results were darned good," Cramer noted. Excluding one-time items, Honeywell's earnings of $1.24 per share beat the average estimate of analysts by 3 cents, according to Thomson Reuters I/B/E/S.

In addition, Honeywell confirmed its 2014 financial targets, which include 8 percent to 10 percent growth in earnings per share and a 3 percent to 4 percent increase in sales.

"However, the number that really impressed me, was Honeywell's organic revenue growth, up 5%, much higher than even management had anticipated," Cramer noted.

On top of all that, CEO Dave Cote had optimistic commentary about the year ahead. "While we think it's prudent to remain cautious on the global economy at this time, we're increasingly confident in our 2014 outlook based on the momentum from the fourth quarter," Cote said in a statement.

Yet, despite the impressive results and positive outlook, shares barely budged. "The stock is up less than a point since it reported on Friday," Cramer noted.

Cramer thinks pros became distracted by the sell-off and missed these powerful bullish catalysts. In a more benign market, Cramer says these results would have triggered an advance.

But that's not the only reason Jim Cramer likes Honeywell.

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Cramer also believes a select few corporate executives who have successfully demonstrated their abilities to generate value for shareholders should command a premium; and Cramer says Honeywell CEO Dave Cote is one of them.

In fact, Cote is one of Cramer's Bankable 21 as identified in his new book, "Get Rich Carefully."

Of course, Cramer realizes that if the market continues to decline broadly, Honeywell will get dragged lower. However, when the selling abates, Cramer believes this stock warrants significant attention.

"I think it deserves to go higher," Cramer said. And sooner rather than later, Cramer suspects the Street will come to realize that too.

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