5 Pin-Action Plays on Boeing’s Dreamliner

Boeing’s 787 Dreamliner on Tuesday, after many, many delays and a number of hits to the stock, took flight for the first time. So began a new aerospace cycle, Cramer said Wednesday, one that should lift many more than just this company.

In fact, Cramer said the money’s been made in Boeing now. He’d liked the stock for its accidentally high dividend yield, which has since dropped to 3% from 4%. Every time BA got dinged, the price slipped lower while the yield climbed higher, giving shareholders more bang for their invested buck.

The strategy now is to look forward. Which companies will benefit when the Dreamliner hits the market and the orders start flooding in? For an answer to that question, Cramer looked to the parts makers.

He likes Precision Castparts , which builds certain engine components and the fasteners that keep parts of the plane together; Hexel , whose ultra-light and ultra-strong composite materials will help to keep the Dreamliner fuel efficient; Spirit AeroSystems , maker of the 787’s forward fuselage and the leading edge of the wings; Goodrich , for the wheels and brakes; and Rockwell Collins , for the cockpit controls. (Cramer favorite Honeywell International also has a cockpit business, but it’s less of a pure play on Boeing.)

These companies should generate significant revenues when the Dreamliner starts selling, Cramer said. And most of their stocks are relatively cheap given where the cycle is right now – the very beginning. Given that the average aerospace cycle last seven years, this group still has plenty of room to run.

Cramer’s charitable trust owns Honeywell International.

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    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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