Image Source: PexelsThe industrial products sector is standing out amid the broader market rally as we start to round out a very successful year for stocks in 2023.Discussing the highly ranked industrial products stocks on the Zacks Rank #1 (Strong Buy) list is a worthy topic and here are two that look poised to reach higher highs and should be meaningful investments heading into the new year.Crane Company (CR)Holding a spot on the Zacks Rank #1 (Strong Buy) list since late October, investors should certainly take notice of Crane Company’s stock. Crane’s stock has soared +24% since being added to the strong buy list and is now up +42% in 2023 after completing its separation from Crane Holdings and going public in early April.As a diversified manufacturer of highly engineered products, Crane’s products and services are broken down into segments for Aerospace and Electronics (A&E), Process Flow Technologies (PFT), and Engineered Materials (EM).Image Source: Zacks Investment ResearchCrane is an intriguing long-term investment as many of its A&E components are essential to the commercial aerospace, military, and space markets’ equipment and aftermarket parts. Despite Crane’s impressive price performance and importance to aerospace markets, investors aren’t paying a high premium for CR shares at 26.8X forward earnings which is still near the Zacks Manufacturing-General Industrial Industry average of 22.7X.  Furthermore, earnings estimate revisions have remained higher over the last 60 days offering further support. Crane’s EPS is now forecasted at $4.18 per share this year and is expected to expand another 11% in fiscal 2024. This has been very compelling with Crane’s stock hitting an all-time high of $114 a share today.Image Source: Zacks Investment ResearchSiemens (SIEGY)Siemens stock was added to the strong buy list this week as there appears to be more upside ahead for the world’s largest supplier of solutions and services for industrial automation and building technology.Siemens’ stock hit 52-week highs on Tuesday and has been a large participant in the recent stock market rally as earnings estimates have remained higher over the last 60 days and SIEGY shares still trade at a reasonable 16.7X forward earnings multiple despite soaring +43% year to date.Image Source: Zacks Investment ResearchMore impressive, Siemens is competing against a record fiscal year that saw earnings at $5.29 a share but EPS is still projected to be up 1% in its current FY24 and expand another 13% in FY25 to $6.05 per share.Fiscal 2025 EPS projections would also represent 61% growth over the last five years which is extremely impressive for a company that has been around for more than a century and continues to illustrate its dominance. It’s also noteworthy that the Average Zacks Price Target of $101.70 a share still suggests 14% upside for Siemens stock from current levels.Image Source: Zacks Investment ResearchBottom LineAmid what is so far turning out to be an exciting end-of-the-year rally for broader markets, these industrial product stocks are two participants to take notice of. To that point, Crane Company and Siemens have an extensive reach and are shaping up to be viable investments for 2023 and beyond.More By This Author:Simon Property Stock Slides As Market Rises: Facts To Know Before You Trade
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