The markets are looking good right now for savvy investors. There are still some great stocks to buy and hold for the long term. If you have extra savings that you want to put into the Toronto Stock Exchange, then you should definitely research some of the top stocks to buy.
Here are two stocks that you could consider buying this year. One of them, however, might not be a good option.
AirBoss of America: A top TSX stock to buy
AirBoss of America (TSX:BOS) rose from a 52-week low of $4.59 to a 52-week high of $26.67 after the March 2020 market sell-off. The dividend yield is 1.67% annually.
AirBoss of America is a great company with profitable government contracts. It designs and sells a variety of specialty products, including personal protective equipment to global governments.
The AirBoss Defense Group has even developed a special sensor to send information of high impact blasts from military zones to a satellite. This is revolutionary to help medical professionals treat soldiers injured in the field.
On November 10, the firm reported third-quarter financial results. Chris Bitsakakis, president and COO of AirBoss of America, commented on the firm’s record results in the press release:
“AirBoss again achieved record results during the third quarter, driven by our successful completion of the FEMA contract for our respirator systems, beginning delivery on the larger HHS contract for the same systems, and execution on PPE contracts for both military and health care markets.”
Sales are growing quickly at AirBoss of America. The company has a lot to be proud of. Especially during hard times like this, Airboss is a company that is truly showing its ability to quickly adapt to difficult circumstances.
If you don’t already own AirBoss of America stock in your portfolio, this is definitely one stock you want to own going into next year.
SNC-Lavalin: Not the best asset to own right now
SNC-Lavalin Group (TSX:SNC) fell to $17.50 during the March market sell-off from a 52-week high of $34.36. The dividend yield is 0.36% annually.
SNC-Lavalin has been in legal trouble the past few years. The firm and high-level executives were involved in criminal charges of corruption and bribery spanning a few decades. The firm was accused of bribing government officials for contracts all over the world, including India.
Needless to say, this stock has not performed very well during this period. The firm announced third-quarter earnings on October 30. Ian L. Edwards, CEO of SNC-Lavalin Group, is optimistic about the firm’s future:
“Our Engineering Services business continued to deliver solid results in the quarter, supported by strong performance in the transportation, defence and nuclear markets in our core regions. The transformation of our Resources Services business is on track as we move quickly to restructure and reduce overhead costs, and we look forward to additional positive EBIT from this business in 2021.”
SNC-Lavalin Group might not be the best stock to own, even though its legal troubles have subsided. It is true that the company’s name is still powerful. One day, they might bounce back but it is probably best to wait on the sidelines for a bit.
The company went from $2.76 billion in net income attributable to shareholders in 2019 to a net loss of $85.125 million. The company isn’t poised for a strong comeback at this time.
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Fool contributor Debra Ray has no position in any of the stocks mentioned.