Carpenter Technology Corp. (CRS) is a global leader in high-performance specialty alloy materials and process solutions for critical applications in the aerospace, defense, and medical markets. With a market cap of $8.10 billion, CRS has distinguished itself as a top performer in the small to mid-cap segment of the thriving US equity market, benefiting from a favorable environment for specialty alloys. The company is experiencing growth driven by trends in precious and industrial metals, as well as manufacturing for key sectors such as aerospace, defense, utilities, electronics, semiconductors, medical, and EV auto manufacturing.
In Q1 of 2024, CRS garnered attention from SIA practitioners as it emerged as a leader in the SIA Small Cap 600 Growth Index. A comparison with the S&P 100 Index illustrates a significant breakout in CRS's performance, especially a major breakout in early 2024 highlighted in the chart by the green oval.
The second point-and-figure chart illustrates the movement of CRS shares throughout 2023 (see green oval), but significant acceleration occurred in the spring of 2024 when major fund flows began to pour into small caps. At that time, the share price surged past the $75 level, reaching current levels of $164.23, resulting in an impressive 118% gain for early investors. CRS shares remain positioned at spot #4 in the highly regarded SIA S&P Small Cap 600 Growth Index, indicating strong potential for further growth. Resistance levels can be established using a vertical count, with initial resistance at $177.77 followed by $200.20, which also corresponds to a significant psychological whole number. Support is first identified at the $148.75 (3-box) level, with additional support at $132.09. CRS shares carry a perfect SMAX score of 10 out of 10, further confirming that Carpenter shares are outperforming all other asset classes measured by the SIA AI Platform each day.
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