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Why Carpenter Technology (CRS) is a Top Momentum Stock for the Long-Term

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.

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?

Different than value or growth investors, momentum-oriented investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

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 is a Zacks Rank #3 (Hold) stock, with a Momentum Style Score of B and VGM Score of B. Shares are up 4.4% over the past one week and up 12.4% over the past four weeks. CRS has gained 76% in the last one-year period as well. Looking at trading volume, an average of 429,490.84 shares exchanged hands over the last 20 trading days.

Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. Two analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.26 to $3.74 per share. CRS boasts an average earnings surprise of 14.3%.

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

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Zacks Investment Research