Manitowoc, a leading crane manufacturer, is up more than 30 percent since its spinoff in March. Jim Cramer was left wondering how this market laggard has suddenly caught fire.
Many assume that Manitowoc is simply another cyclical machinery stock that has roared along with the rest of the cohort in anticipation of a stronger global economy.
However, Manitowoc has managed to leave the likes of Cummins, Caterpillar and United Rentals in the dust.
"That means this move isn't just about the prospect of a better global economy, it is also about a company-specific turnaround that is still in its early innings," Cramer said.
For those investors who believe the recent rebound in oil, metals and minerals signals a strengthening global economy, Cramer this Manitowoc is absolutely worth buying. However, for those who are skeptical about a worldwide economic recovery, it is time to ring the register.
"If we get a pullback going into the company's earnings report next Wednesday, I would snap up some shares and then wait to process the results before buying any more," Cramer said.