Here's Why Carpenter Technology (CRS) is a Strong Momentum Stock
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.
Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.
Is This 1 Momentum Stock a Screaming Buy Right Now?
For momentum investors, upward or downward trends in a stock's price or earnings outlook take precedent, so they'll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
Carpenter Technology (CRS)
Philadelphia, PA-based Carpenter Technology Corporation is a producer and distributor of premium specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels as well as drilling tools. The company’s provides solutions for critical applications across diversified end-use markets - Aerospace and Defense (accounting for around 54% of the company’s revenues), Energy (8%), Transportation (7%), Medical (9%), Industrial and Consumer (14%) and Distribution (6%).
CRS boasts a Momentum Style Score of B and VGM Score of A, and holds a Zacks Rank #2 (Buy) rating. Shares of Carpenter Technology has seen some interesting price action recently; the stock is down 5.3% over the past one week and up 3.9% over the past four weeks. And in the last one-year period, CRS has gained 79.8%. As for the stock's trading volume, 541,419.56 shares on average were traded over the last 20 days.
A company's earnings performance is important for momentum investors as well. For fiscal 2024, two analysts revised their earnings estimate higher in the last 60 days for CRS, while the Zacks Consensus Estimate has increased $0.12 to $3.48 per share. CRS also boasts an average earnings surprise of 10%.
Investors should take the time to consider CRS for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.
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Carpenter Technology Corporation (CRS) : Free Stock Analysis Report
