Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
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.
Carrier Global (CARR)
Palm Beach Gardens, FL-based Carrier Global is a provider of advanced heating, ventilation, refrigeration, air conditioning, fire, security and building automation technologies. The company completed its Initial Public Offering (“IPO”) in April 2020.
CARR sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of B, and has a VGM Score of B. The stock is up 0.5% and up 6.2% over the past one-week and four-week period, respectively, and Carrier Global has gained 29.5% in the last one-year period as well. Additionally, an average of 6,358,841 shares were traded over the last 20 trading sessions.
Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0 to $2.82 per share. CARR boasts an average earnings surprise of 7%.
With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding CARR to their portfolios.
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Carrier Global Corporation (CARR) : Free Stock Analysis Report
