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The Zacks Rank Explained: How to Find Strong Buy Basic Materials Stocks

It doesn't matter if you're a growth, value, income, or momentum-focused investor -- building a successful investment portfolio takes skill, research, and a little bit of luck.

Should You Buy #1 (Strong Buy)-Ranked Carpenter Technology (CRS) for Your Portfolio?

Carpenter Technology was upgraded to the Zacks Rank #1 list on May 7, 2024. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.

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%).

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Two analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.23 to $4.18 per share. CRS also boasts an average earnings surprise of 15.1%.

Analysts are expecting earnings to grow 266.7% for the current fiscal year, with revenue forecasted to rise 6.6%.

CRS has been moving higher over the past four weeks as well, up 27.7% compared to the S&P 500's loss of 0.2%.

Bottom Line

With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Carpenter Technology could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.

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Carpenter Technology Corporation (CRS) : Free Stock Analysis Report

Zacks Investment Research