The IBD SmartSelect Composite Rating for Carpenter Technology rose from 93 to 96 Wednesday. The specialty steel stock sports a 97 Relative Strength Rating to boot.
The revised score means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. The best stocks tend to have a 95 or better grade as they launch a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.
Carpenter Technology stock dipped below its 50-day moving average in recent weeks and is not currently near a proper buy zone. This is not the time to buy stocks during a market correction, but build a watchlist of possible emerging leaders once the market trend turns around.
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The stock has an 80 EPS Rating, which means its recent quarterly and annual earnings growth tops 80% of all stocks.
Its Accumulation/Distribution Rating of D- shows moderate selling by institutional investors over the last 13 weeks. Look for the rating to improve to at least a C or better.
Carpenter Technology Earnings
The specialty steel company reported a 95% earnings gain for Q2. Sales growth fell to 8%, down from 10% in the prior quarter.
Carpenter Technology stock earns the No. 1 rank among its peers in the Steel-Specialty Alloys industry group. Ascent Industries and ATI are also among the group's highest-rated stocks.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
