Yahoo Finance Carpenter Technology (CRS) Stock Drops Despite Market Gains: Important Facts to Note
Carpenter Technology (CRS) ended the recent trading session at $80.40, demonstrating a -0.14% swing from the preceding day's closing price. This move lagged the S&P 500's daily gain of 0.02%. Meanwhile, the Dow experienced a drop of 0.11%, and the technology-dominated Nasdaq saw an increase of 0.1%.
Prior to today's trading, shares of the maker of stainless steels and special alloys had gained 17.57% over the past month. This has outpaced the Basic Materials sector's loss of 2.03% and the S&P 500's loss of 3.01% in that time.
The investment community will be closely monitoring the performance of Carpenter Technology in its forthcoming earnings report. The company is scheduled to release its earnings on May 1, 2024. It is anticipated that the company will report an EPS of $0.94, marking a 147.37% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $692.03 million, showing a 0.28% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of $3.96 per share and a revenue of $2.73 billion, demonstrating changes of +247.37% and +6.87%, respectively, from the preceding year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Carpenter Technology. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.25% higher. As of now, Carpenter Technology holds a Zacks Rank of #2 (Buy).
Digging into valuation, Carpenter Technology currently has a Forward P/E ratio of 20.33. Its industry sports an average Forward P/E of 13.62, so one might conclude that Carpenter Technology is trading at a premium comparatively.
The Steel - Speciality industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 95, this industry ranks in the top 38% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Carpenter Technology Corporation (CRS) : Free Stock Analysis Report
