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3 Highly Ranked Stocks Reaching Higher Highs in December
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Rewarding investors, a few more stocks on the coveted Zacks Rank #1 (Strong Buy) list hit their 52-week highs this week.
Even better, they may have more room to run making a quick look at three of these highly ranked stocks a worthy topic.
Barrett Business Services (BBSI - Free Report) : Still checking the box in terms of value, Barrett Business Services stock has risen +18% in 2023 and touched 52-week highs of $112 a share on Tuesday.
The staffing agency and provider of business management solutions is expecting high single-digit EPS growth in fiscal 2023 and FY24 with sales now forecasted to be up 4% this year and rise another 5% next year to $8.06 billion.
Image Source: Zacks Investment Research
Considering its steady growth Barrett's stock still trades at a reasonable 15.6X forward earning multiple which is nicely beneath the Zacks Outsourcing Industry average of 21.3X and the S&P 500’s 21.4X.
Image Source: Zacks Investment Research
Federal Signal (FSS - Free Report) : High double-digit EPS growth has made leading environmental and safety solutions provider Federal Signal’s stock attractive.
More importantly, earnings estimate revisions have remained higher over the last 60 days with EPS expected to expand 28% this year and climb another 18% in FY24 to $2.95 per share.
Image Source: Zacks Investment Research
Furthermore, Federal Signal’s total sales are projected to climb 19% in FY23 and jump another 8% in FY24 to $1.85 billion. In correlation with its continued expansion over the last decade, Federal Signal’s stock has now soared over +400% in the last 10 years and is up +55% in 2023 after hitting 52-week highs of $72 a share today.
Image Source: Zacks Investment Research
InterDigital (IDCC - Free Report) : Wireless communications pioneer InterDigital is having a record year driven by licensing and recurring revenue for its advanced technology solutions which are used in digital cellular devices, wireless products, and networks.
InterDigital’s stock has skyrocketed over +100% this year and hit 52-week highs of $108 a share in Friday’s trading session. Annual earnings are now projected to soar 190% to $8.91 per share compared to $3.07 a share last year with sales expected to be up 20% to $548.11 million.
Image Source: Zacks Investment Research
While FY24 earnings are expected to dip to $6.42 per share after such an incredible year, this would remain well above historic levels. Plus, earnings estimate revisions for both FY23 and FY24 are nicely up over the last 30 days and IDCC shares trade at an attractive 11.8X forward earnings multiple.
Image Source: Zacks Investment Research
Bottom Line
At the moment, these highly ranked stocks all belong to booming business industries that are in the top 30% of over 250 Zacks industries. Considering their strong business environments, the plausibility of higher highs is starting to look more likely for Barrett Business Services, Federal Signal, and InterDigital’s stock.
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3 Highly Ranked Stocks Reaching Higher Highs in December
Rewarding investors, a few more stocks on the coveted Zacks Rank #1 (Strong Buy) list hit their 52-week highs this week.
Even better, they may have more room to run making a quick look at three of these highly ranked stocks a worthy topic.
Barrett Business Services (BBSI - Free Report) : Still checking the box in terms of value, Barrett Business Services stock has risen +18% in 2023 and touched 52-week highs of $112 a share on Tuesday.
The staffing agency and provider of business management solutions is expecting high single-digit EPS growth in fiscal 2023 and FY24 with sales now forecasted to be up 4% this year and rise another 5% next year to $8.06 billion.
Image Source: Zacks Investment Research
Considering its steady growth Barrett's stock still trades at a reasonable 15.6X forward earning multiple which is nicely beneath the Zacks Outsourcing Industry average of 21.3X and the S&P 500’s 21.4X.
Image Source: Zacks Investment Research
Federal Signal (FSS - Free Report) : High double-digit EPS growth has made leading environmental and safety solutions provider Federal Signal’s stock attractive.
More importantly, earnings estimate revisions have remained higher over the last 60 days with EPS expected to expand 28% this year and climb another 18% in FY24 to $2.95 per share.
Image Source: Zacks Investment Research
Furthermore, Federal Signal’s total sales are projected to climb 19% in FY23 and jump another 8% in FY24 to $1.85 billion. In correlation with its continued expansion over the last decade, Federal Signal’s stock has now soared over +400% in the last 10 years and is up +55% in 2023 after hitting 52-week highs of $72 a share today.
Image Source: Zacks Investment Research
InterDigital (IDCC - Free Report) : Wireless communications pioneer InterDigital is having a record year driven by licensing and recurring revenue for its advanced technology solutions which are used in digital cellular devices, wireless products, and networks.
InterDigital’s stock has skyrocketed over +100% this year and hit 52-week highs of $108 a share in Friday’s trading session. Annual earnings are now projected to soar 190% to $8.91 per share compared to $3.07 a share last year with sales expected to be up 20% to $548.11 million.
Image Source: Zacks Investment Research
While FY24 earnings are expected to dip to $6.42 per share after such an incredible year, this would remain well above historic levels. Plus, earnings estimate revisions for both FY23 and FY24 are nicely up over the last 30 days and IDCC shares trade at an attractive 11.8X forward earnings multiple.
Image Source: Zacks Investment Research
Bottom Line
At the moment, these highly ranked stocks all belong to booming business industries that are in the top 30% of over 250 Zacks industries. Considering their strong business environments, the plausibility of higher highs is starting to look more likely for Barrett Business Services, Federal Signal, and InterDigital’s stock.