01-15-2018: Carpenter Technology Corporation (CRS): Steel Industry in U.S. Not Dead

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Recommendation

Carpenter Technology Corporation

In June, 1937 the Carpenter Steel Company went public. It had been in business since 1889. In the mid-1900's the company grew to a multi-national global organization with many divisions and acquisitions related to specialty steels and metal alloy producdtion. The stock was hot during that period. There has been quite a few CEO and executive changes in the company in recent years. The company is based near Philadelphia, PA. Things seem to be looking better for U.S. steel companies because of the Republican anti-dumping measures, lower corporate tax rates, and buy American acts. Recently the steel industry was challenged by lack of service center buying. Weak sentiments around commodity buying, a stronger U.S. Dollar are other factors mitigating against steel companies as well as foreign competition and weak steel prices in China. But steel stocks appear somewhat "hot" once again near the top of the recent industry group performance list.

Carpenter is fundamentally financially strong with a strong Zenith Index and also a high average to current p/e ratio due while recovering from somewhat erratic and weak earnings in the past two years, apparently about to change back to normal. Comparitively low debt, reasonable book value, high intrinsic value all suggest good management. The company has a good management discussion section with two main sectors, specialty alloys and performance-engineered products. The company has a very diversified base of end-users for these products in aerospace, medical, mining, energy and transportation markets. Aerospace things like landing gear provide the biggest market.

Researchers are generally unfavorable due to problems in the steel industry and earnings quality, and analysts are somewhat neutral. But Standard & Poor's likes it as a buy. Current sentiment and stock performance are strong. It seems to have graduated from being a channeling stock to making a strong upside breakout. 



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Carpenter Technology Corporation (CRS)                    Exchange: NYSE
2 Meridian Boulevard
Wyomissing, PA 19610             Sector: Industrial Goods
United States                    Industry:Metal Fabrication

Carpenter Technology Corporation manufactures, fabricates, and
distributes specialty metals worldwide. It operates through two
segments, Specialty Alloys Operations and Performance Engineered
Products. The company develops, manufactures, and distributes
cast/wrought and powder metal stainless steels and special alloys,
including iron-nickel-cobalt base, stainless, superior corrosion
resistant, and controlled expansion alloys; ultra-high strength and
implantable alloys; tools and die steels; and other specialty metals, as
well as cast/wrought titanium alloys. It also manufactures and rents
down-hole drilling tools and components for use in the oil and gas
industry. Carpenter Technology Corporation distributes its products
directly through its distribution network, as well as through
independent distributors. The company provides material solutions to
aerospace and defense, energy, transportation, medical and industrial,
and consumer industries. Carpenter Technology Corporation has a
strategic alliance with Samuel, Son & Co. to provide end-to-end supply
chain solutions for the additive manufacturing marketplace. The company
was founded in 1889 and is headquartered in Wyomissing, Pennsylvania.

Last Trade:  54.09                           52-Week Range:  54.44 -  34.24
Employees: 4,600                             Avg.Volume:     330,168 Shares

Corporate Governance:
Pillar scores are Audit: 1; Board: 2; Shareholder Rights: 5; Compensation: 9.
         (A lower number means less governance risk.)

EPS:  1.61    Dividend Amount: $%203.00          Yield:  1.37%
             Ex-Dividend Date: Oct 23, 2017    Payout Ratio:  44.72

Key Statistics:

    Trailing P/E:  33.40              Forward P/E (est.):  17.10
                                           Target Price:  52.17

Qrtly Stock Price Growth (yoy):  41.56%               Beta:   2.30
Qrtly S&P Index   Growth (yoy):  23.30%        Short Ratio:   8.50%
    Qrtly Revenue Growth (yoy):  21.90%         Shares Out:  46820000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  26.30                    Debt/Equity:  49.40%
    Price/Book Value:   2.04        Operating Profit Margin:   7.45%
         Price/Sales:   1.33                  Profit Margin:   4.06%
         Market Cap:   2,514,000,000       Return on Equity:   6.51%
    Enterprise Value:   3,120,000,000      Return on Assets:   3.08%

    Operating Cash Flow:    117,800,000
         Free Cash Flow:     64,580,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             06/30/201    6/30/2016   6/30/2015

  Total Revenue                              1,797,600   1,813,400   2,226,700
  Cost of Revenue                            1,513,300   1,557,500   1,908,400
  Gross Profit                                 284,300     255,900     318,300

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative            183,900     173,800     177,700
  Non-Recurring Expenses                             0      30,500      29,100
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                        97,200      51,600     111,500

Income from Continuing Operations:
  Total Other Income/Expenses Net                 -400      -2,100       5,300
  Earnings Before Interest & Taxes             100,000      49,500     116,800
  Interest Expense                              29,800      28,000      27,700
  Income Before Taxes                           70,200      21,500      89,100
  Income Tax Expense                            23,200      10,200      30,400
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                 47,000      11,300      58,700

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                    47,000      11,300      58,700
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares               47,000      11,300      58,700



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         06/30/201      6/30/2016     6/30/2015

  Net Income                                47,000        11,300        58,700

Operating Activities:
  Depreciation                             117,800       119,300       122,300
  Adjustments to Net Income                108,700       115,900       132,000
  Changes in Accounts Recv'bls             -34,600        48,200        25,400
  Changes in Liabilities                   -35,100       -34,600       -92,400
  Changes in Investories                   -74,600         1,600        36,000
  Changes in other Oper'g Acts                 100        -4,800           600

Total Cash Flow f Operations               129,300       256,900       282,600

Investing Activities:
  Capital Exenditures                      -98,500       -95,200      -170,500
  Investments                                7,200         7,200           300
  Other Cash Flows fr Investing            -20,800         5,400           200

Total Cash Flows from Investing           -112,100       -82,600      -170,000

Financing Activities:
  Dividends Paid                           -34,100       -34,800       -37,900
  Sale of Purchase of Stock                  2,200      -123,400      -122,200
  Net Borrowings                                 0        -4,900        -4,900
  Other Cash Flows fr Financing                  0             0           200

Total Cash Flows from Financing            -32,800      -163,100      -159,400

  Effect of Exchange Rate Chg                 -100           800        -3,200

Change in Cash & Cash Equiv.               -15,700        12,000       -50,000



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          06/30/201      6/30/2016     6/30/2015
Current Assets:
  Cash & Cash Equivalents                    66,300        82,000        70,000
  Short Term Investments                          0             0             0
  Net Receivables                           290,400       253,600       307,400
  Inventory                                 690,400       628,700       655,800
  Other Current Assets                       46,500        46,400        37,200
  Total Current Assets                    1,093,600     1,010,700     1,070,400

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                1,316,800     1,351,400     1,397,000
  Goodwill                                  263,400       244,800       257,400
  Intangible Assets                          64,900        63,200        71,600
  Accumulated Amortization                        0             0             0
  Other Assets                              131,800       116,000       106,200
  Deferred LT Asset Charges                   7,600         8,200             0

Total Assets                              2,878,100     2,794,300     2,902,600

Current Liabilities:
  Accounts Payable                          341,000       298,800       322,100
  Current Portion LT Debt                    55,000             0             0
  Other Current Liabilities                       0             0             0
  Total Current Liabilities                 396,000       298,800        322,100

  Long Term Debt                            341,000       298,800       322,100
  Other Liabilities                          55,000             0             0
  Deferred LT Liab. Charges                       0             0             0
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                         1,597,100     1,587,000     1,576,700

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                              276,700       276,300       276,200
  Retained Earnings                       1,321,800     1,308,900     1,332,400
  Treasury Stock                           -341,600      -343,900      -221,100
  Capital Surplus                           284,800       273,500       266,600
  Other Stockhohlder Equity                -343,100      -409,900      -328,200
  Total Stockholder Equity                1,198,600     1,104,900     1,325,900

Net Tangible Assets                         870,300       796,900       996,900



Carpenter Technology Corporation (CRS)      [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.8383          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    1.6374
Price/Sales Ratio < 2.3?   1.7293          Inventory/Sales < 5%?      0.1302
Sales < $1 Billion?        0.5563          Operating Margin < 7.5%?   1.0067

Balance Sheet Tests:
Debt/Equity < 0.40?        0.8097          Long-Term Debt Service:    2.3291
LTD Being Reduced?         3.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         1.3808          Working Capital >= 1.5?    0.5504
Leverage Ratio < 20%?      0.3977          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    3.0000
Share Equity Increase:     1.9181          Market Cap.< 1.5 Billion?  0.5967
                                           Intangibles < 3% Assets?   0.2630
Income Tests:
Profit Margin < 7.5%?      0.5413          EPS Annual Growth > 10%?   0.0240
Dividend Yield > 2.0%?     1.4599          EPS 3-yr Growth > 15?      0.1873
Enterprise Value/Revenue   1.3988          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.7632
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  1.1074
Stock Performance Tests:
Volatility > 25%?          1.4842          % Held by Insiders < 5%?   2.6178
Beta > 1.25?               1.8400          % Held by Institut. < 50?  0.4904
50 Da MA > 200 Da MA?      0.3444          % Held by Institut. > 30?  3.0000
52-Wk Change vs. S&P 500:  1.8977          Short Ratio > 5?           1.7000
Price/Book Value < 3?      1.4587          Short % of Float > 20?     0.4110
Return on Assets > 17%?    0.1812          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.8241          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  1.5270
                                           Cash Flow / Assets > 10%?  0.9527

CRS    Carpenter Technology Corporation    Overall Zenith Index:      1.4359


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Financial Statements

CARPENTER TECHNOLOGY CORP  (CRS)            INCOME STATEMENT

Fiscal year ends in June.                            2013-06         2014-06         2015-06         2016-06         2017-06             TTM           

Revenue                                        2,271,699,968   2,172,999,936   2,226,700,032   1,813,400,064   1,797,600,000   1,888,400,000
Cost of revenue                                1,838,200,064   1,774,099,968   1,908,400,000   1,557,500,032   1,513,299,968   1,564,499,968
Gross profit                                     433,500,000     398,900,000     318,300,000     255,900,000     284,300,000     323,900,000


Operating expenses
Sales, General and administrative                200,800,000     186,900,000     177,700,000     173,800,000     183,900,000     183,200,000
Restructuring, merger and acquisition                      0               0      29,100,000      18,000,000               0               0
Other operating expenses                                   0               0               0      12,500,000       3,200,000       3,200,000
Total operating expenses                         200,800,000     186,900,000     206,800,000     204,300,000     187,100,000     186,400,000

Operating income                                 232,700,000     212,000,000     111,500,000      51,600,000      97,200,000     137,500,000
Interest Expense                                           0      17,000,000      27,700,000      28,000,000      29,800,000      29,700,000
Other income (expense)                           -15,900,000       1,400,000       5,300,000      -2,100,000       2,800,000       2,900,000
Income before taxes                              216,800,000     196,400,000      89,100,000      21,500,000      70,200,000     110,700,000
Provision for income taxes                        70,300,000      63,600,000      30,400,000      10,200,000      23,200,000      34,100,000
Net income from continuing operations            146,500,000     132,800,000      58,700,000      11,300,000      47,000,000      76,600,000
Other                                               -400,000               0               0               0               0               0
Net income                                       146,100,000     132,800,000      58,700,000      11,300,000      47,000,000      76,600,000
Preferred dividend                                         0               0               0               0         300,000         500,000
Net income available to common shareholders      146,100,000     132,800,000      58,700,000      11,300,000      46,700,000      76,100,000

Earnings per share
Basic                                                   2.75            2.48            1.11            0.23            0.99            1.61 
Diluted                                                 2.73            2.47            1.11            0.23            0.99            1.61 

Weighted average shares outstanding
Basic                                             52,900,000      53,300,000      52,600,000      48,100,000      47,000,000      47,050,000
Diluted                                           53,400,000      53,600,000      52,700,000      48,200,000      47,100,000      47,200,000

____________________________________________________________________________________________________________________________________________


CARPENTER TECHNOLOGY CORP  (CRS)            BALANCE SHEET

Fiscal year ends in June.                            2013-06         2014-06         2015-06         2016-06         2017-06             

Assets

Current assets

Cash

Total cash                                       257,500,000     120,000,000      70,000,000      82,000,000      66,300,000

Receivables                                      342,000,000     339,600,000     304,100,000     253,600,000     290,400,000
Inventories                                      659,200,000     699,200,000     655,800,000     628,700,032     690,400,000
Deferred income taxes                              2,700,000               0       3,300,000               0               0
Other current assets                              20,100,000      35,700,000      37,200,000      46,400,000      46,500,000
Total current assets                           1,281,500,032   1,194,499,968   1,070,400,000   1,010,700,032   1,093,600,000

Non-current assets

Property, plant and equipment
Gross property, plant and equipment            2,195,099,904   2,513,600,000   2,596,800,000   2,607,699,968   2,668,499,968
Accumulated Depreciation                      -1,026,700,032  -1,106,599,936  -1,199,800,064  -1,256,300,032  -1,351,699,968
Net property, plant and equipment              1,168,400,000   1,407,000,064   1,396,999,936   1,351,399,936   1,316,800,000

Goodwill                                         257,700,000     257,700,000     257,400,000     244,800,000     263,400,000
Intangible assets                                 95,000,000      80,600,000      71,600,000      63,200,000      64,900,000
Deferred income taxes                                      0               0               0       8,200,000       7,600,000
Other long-term assets                            80,300,000     117,700,000     109,500,000     116,000,000     131,800,000
Total non-current assets                       1,601,400,064   1,863,000,064   1,835,500,032   1,783,600,000   1,784,499,968

Total assets                                   2,882,899,968   3,057,499,904   2,905,900,032   2,794,299,904   2,878,099,968 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                            0               0               0               0      55,000,000
Accounts payable                                 252,700,000     278,100,000     169,500,000     159,600,000     201,100,000
Deferred income taxes                                      0       4,500,000               0               0               0
Taxes payable                                              0       8,400,000       8,700,000       1,500,000       5,100,000
Accrued liabilities                              139,400,000     127,400,000     102,600,000      97,200,000     111,900,000
Deferred revenues                                          0       7,500,000       8,600,000       8,900,000       9,800,000
Other current liabilities                         29,100,000       4,700,000      32,700,000      31,600,000      13,100,000
Total current liabilities                        421,200,000     430,600,000     322,100,000     298,800,000     396,000,000

Non-current liabilities
Long-term debt                                   604,200,000     604,300,032     607,100,032     611,299,968     550,000,000
Deferred taxes liabilities                        73,300,000     110,700,000     146,500,000     102,400,000     184,800,000
Pensions and other benefits                      398,100,000     366,600,000     445,300,000     625,900,032     500,900,000
Other long-term liabilities                       83,000,000      41,000,000      59,000,000      51,000,000      47,800,000
Total non-current liabilities                  1,158,599,936   1,122,599,936   1,257,900,032   1,390,599,936   1,283,500,032

Total liabilities                              1,579,800,064   1,553,200,000   1,580,000,000   1,689,400,064   1,679,500,032 

Stockholders' equity

Common stock                                     274,600,000     275,800,000     276,200,000     276,300,000     276,700,000
Additional paid-in capital                       254,400,000     263,500,000     266,600,000     273,500,000     284,800,000
Retained earnings                              1,217,299,968   1,311,600,000   1,332,400,000   1,308,899,968   1,321,799,936
Treasury stock                                  -107,500,000    -101,400,000    -221,100,000    -343,900,000    -341,600,000
Accumulated other comprehensive income          -335,700,000    -245,200,000    -328,200,000    -409,900,000    -343,100,000
Total stockholders' equity                     1,303,100,032   1,504,300,032   1,325,900,032   1,104,899,968   1,198,599,936
Total liabilities and stockholders' equity     2,882,899,968   3,057,499,904   2,905,900,032   2,794,299,904   2,878,099,968

____________________________________________________________________________________________________________________________________________


CARPENTER TECHNOLOGY CORP  (CRS)            Statement of CASH FLOW

Fiscal year ends in June. USD.                       2013-06         2014-06         2015-06         2016-06         2017-06             TTM           

Cash Flows From Operating Activities
Net income                                       146,500,000     132,800,000      58,700,000      11,300,000      47,000,000      76,600,000
Depreciation & amortization                      104,100,000     111,900,000     122,300,000     119,300,000     117,800,000     117,600,000
Investment/asset impairment charges                        0               0       7,600,000      20,100,000               0               0
Deferred income taxes                              9,400,000      -9,700,000      60,400,000         800,000      41,600,000       4,700,000
Stock based compensation                                   0      11,400,000      10,000,000       8,700,000      13,000,000      14,200,000
Change in working capital                       -115,800,000     -66,200,000     -30,400,000      10,400,000    -144,200,000    -136,200,000
Accounts receivable                               12,600,000       5,600,000      25,400,000      48,200,000     -34,600,000     -49,000,000
Inventory                                        -14,900,000     -37,000,000      36,000,000       1,600,000     -74,600,000     -87,400,000
Accounts payable                                  16,400,000      16,800,000     -59,900,000      -7,600,000      42,500,000      59,100,000
Accrued liabilities                                9,900,000     -21,100,000     -12,100,000     -14,000,000      25,600,000      14,400,000
Other working capital                           -139,800,000     -30,500,000     -19,800,000     -17,800,000    -103,100,000     -73,300,000
Other non-cash items                              71,000,000      59,400,000      54,000,000      86,300,000      54,100,000      40,900,000
Net cash provided by operating activities        215,200,000     239,600,000     282,600,000     256,900,000     129,300,000     117,800,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen    -336,900,000    -349,200,000    -170,500,000     -95,200,000     -98,500,000    -100,800,000
Property, plant, and equipment reductions          1,200,000         300,000         200,000       1,400,000       2,500,000               0
Acquisitions, net                                          0               0               0               0     -23,300,000               0
Sales/Maturities of investments                    8,000,000         300,000         300,000       7,200,000         900,000               0
Other investing activities                                 0               0               0       4,000,000       6,300,000     -13,600,000
Net cash used for investing activities          -327,700,000    -348,600,000    -170,000,000     -82,600,000    -112,100,000    -114,400,000

Cash Flows From Financing Activities
Debt issued                                      297,000,000               0               0               0     122,100,000     125,400,000
Debt repayment                                  -101,000,000               0               0      -4,900,000    -122,100,000               0
Common stock repurchased                                   0               0    -124,500,000    -123,900,000               0               0
Dividend paid                                    -38,300,000     -38,500,000     -37,900,000     -34,800,000     -34,100,000     -34,200,000
Other financing activities                        -2,200,000       9,400,000       3,000,000         500,000       1,300,000    -119,700,000
Net cash provided by (used for) financing        155,500,000     -29,100,000    -159,400,000    -163,100,000     -32,800,000     -28,500,000

Effect of exchange rate changes                    3,500,000         600,000      -3,200,000               0               0               0
Net change in cash                                46,500,000    -137,500,000     -50,000,000      11,200,000     -15,600,000     -25,100,000
Cash at beginning of period                      211,000,000     257,500,000     120,000,000      70,000,000      82,000,000      50,900,000
Cash at end of period                            257,500,000     120,000,000      70,000,000      81,200,000      66,400,000      25,800,000

Free Cash Flow
Operating cash flow                              215,200,000     239,600,000     282,600,000     256,900,000     129,300,000     117,800,000
Capital expenditure                             -336,900,000    -349,200,000    -170,500,000     -95,200,000     -98,500,000    -100,800,000
Free cash flow                                  -121,700,000    -109,600,000     112,100,000     161,700,000      30,800,000      17,000,000
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (CRS)       Carpenter Technology Corp.

                               2013    2014    2015    2016    2017

          Annual Earnings:     2.72    2.47    1.11    0.23    0.99
Average Price During Year:    52.08   57.84   39.09   34.27   40.35

                P/E Ratio:    19.15   23.42   35.21  148.98   40.75

 Average 5-Year P/E Ratio  =  53.50
             Current Price =  53.65

Previous 5 Quarter Earnings:  -0.13    0.15    0.44    0.54    0.49

           Current Annualized (Last Four Quarters) Earnings =  1.47
                                                           ________
                                 Average PE / Current PE =     1.47
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Tangible Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2
Analysts' Opinion 2
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for CARPENTER TECHNOLOGY CORP.:
Symbol? CRS
Total Months Available: 120
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  45.33   34.24     41.63   34.95     54.44   39.24

RANGE   =  54.44  TO   34.24            Close =  54.09
CHANNEL =  41.63  TO   39.24           Degree =   1
Volatility =   4.42%                    Index =   0
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

3 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer




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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison - 1
Industry + 1
Bond Issue + 1
Zenith Index + 1
Non-GAAP vs. GAAP Earnings + 1
Cash Flow - 1
Average to Current P/E + 1
Ratios + 1
Market Grader - 1
Intrinsic Value DCF + 1
Tangible Book Value + 1
Projected Earnings + 1
Research Reports - 1
Analysts - 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity + 1
Management Reporting + 1
Short Interest + 1
Sentiment + 1
Standard & Poor's + 1
MACD Histogram Divergence - 1
Val Idea - 1
Stock Consultant - 1
Point & Figure + 1
Wall Street Analyzer - 1
Marketspace Chart + 1
Time Series Chart + 1
Neural Network + 1
Stock Options - 1
Ultimate Trading Systems + 1
Total + 8
Place 560 shares of Carpenter Technology Corporation (CRS) on the Active List.