• "With this stock currently trading at a meager 17 times this year's earnings forecast, I'm pronouncing DuPont a bargain," CNBC's Jim Cramer said Wednesday.
• The "Mad Money" host said investors appear to be misjudging the specialty chemical maker.
• "This is a higher quality company than Wall Street seems to recognize," he said.

CNBC's Jim Cramer said Wednesday he believes DuPont de Nemours shares are trading at an attractive level, suggesting investors take a position in the specialty chemical maker.

"DuPont just reported a great quarter and its stock did nothing because Wall Street just doesn't understand the story, so they don't give the company enough credit for the fact that [CEO] Ed Breen's strategy is paying off," the "Mad Money" host said.

"With this stock currently trading at a meager 17 times this year's earnings forecast, I'm pronouncing DuPont a bargain," Cramer added, one day after DuPont topped Wall Street's quarterly expectations and hiked its full-year guidance for sales, operating EBITDA and adjusted per-share earnings.

Cramer said he thinks DuPont shares would've added at least a dollar after that caliber of report under normal circumstances, but instead the stock fell Tuesday. It also dropped 0.17% Wednesday to close at $74.26.

"What's the problem? I think Wall Street fundamentally misunderstands that there is a new DuPont. This thing trades like it's just some sort of basic materials or commodity chemicals play, which is why it's still trading well below its highs from early May ... even though the story keeps getting better and better," Cramer said.

DuPont has strong management with Breen at the helm, Cramer said, and he contended the company's product offerings are more proprietary than some other materials stocks. Under Breen's leadership, DuPont also has shed non-core businesses and made smart acquisitions in key end markets.

Cramer said that's why his charitable trust owns shares of DuPont, which had been part of the larger DowDuPont before its businesses were separated into three independent parts: DuPont, Dow Inc., and Corteva.

"In short, this is a higher quality company than Wall Street seems to recognize," Cramer said, adding he wants viewers to "see the opportunity in the industrial bargain bin before it disappears."

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