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Finding Great Momentum Stocks to Buy in March and Beyond
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The Nasdaq and the S&P 500 ripped higher through morning trading on Tuesday. Wall Street decided February’s inflation data was good enough and won’t prevent the Fed from maintaining its path toward rate cuts at some point this year.
The bulls keep pressing stocks higher without sending the market into overheated territory. Investors have wisely taken profits off the table every few weeks in the early months of 2024 to prevent (for now) the need for a larger correction.
Investors likely want to take advantage of the stock market’s current upward momentum via strong stocks that appear poised to outperform the market in the near-term.
The screen we explore today helps investors find stocks experiencing the strongest upward earnings revisions activity, which helps them earn a Zacks Rank #1 (Strong Buy). Alongside their beefed-up EPS outlooks, the screen we dive into finds stocks that have climbed to trade near 52-week highs.
Screen Basics
The screen we are looking into today comes loaded with the Research Wizard. The screen helps investors dig through all of the Zacks Rank #1 (Strong Buy) stocks, of which there are over 200 at any given time, to find some of the top momentum names.
The screen narrows down the list of Zacks Rank #1 (Strong Buy) stocksto those with upward price momentum that are also trading within 20% of their 52-week highs. The screen then uses the PEG ratio and the Price to Sales ratio to help make sure investors are getting value as well. The screen then makes your life a little easier and narrows it down to just seven stock picks.
The screen basics are listed below…
· Zacks Rank = #1 (Strong Buy)
· Current Price/52-week High >= 0.8
· PEG Ratio: P/E F(1)/EPS Growth <= 1
· Price/Sales <= 3
· Percentage Change Price -12 Weeks = Top # 7
This strategy comes loaded with the Research Wizard and it is called bt_sow_momentum_method1 It can be found in the SoW (Screen of the Week) folder.
The screen is pretty simple, yet powerful. Here is one of the seven stocks that made it through this week's screen…
Griffon Corporation is a diversified management and holding firm that operates within two broader reportable segments. Griffon’s Consumer and Professional Products unit includes branded consumer and professional tools, as well as residential, industrial and commercial fans, home storage and organization products, and more. Griffon’s Home and Building Products division features garage doors, rolling steel doors, and beyond.
Image Source: Zacks Investment Research
Griffon crushed our first quarter FY24 EPS estimate by 37% in early February. The strong quarter marked its fourth-straight impressive earnings beat. More importantly, GFF provided upbeat guidance to help it earn its Zacks Rank #1 (Strong Buy). The nearby chart showcases that Griffon’s earnings outlook has steadily trended higher over the last year. Griffon is projected to post 6% adjusted earnings growth this year and 24% EPS next year.
GFF shares have crushed the market over the last five years, soaring 275% vs. the S&P 500’s 85%. Griffon is also up a whopping 120% in the last 12 months to blow away the benchmark’s 33% and its Conglomerates sector’s 11%.
GFF might face some near-term selling pressure to take it down to its 21-day or 50-day moving averages, which investors could take advantage of.
Image Source: Zacks Investment Research
Despite trading near fresh highs, Griffon sits 12% below its average Zacks price target. On top of that, GFF trades at a 38% discount to its sector and 47% below its five-year highs at 12.7X forward 12-month earnings. And Griffon’s dividend yields 0.9% at the moment.
Want more articles from this author? Scroll up to the top of this article and click the FOLLOW AUTHOR button to get an email each time a new article is published.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Image: Bigstock
Finding Great Momentum Stocks to Buy in March and Beyond
The Nasdaq and the S&P 500 ripped higher through morning trading on Tuesday. Wall Street decided February’s inflation data was good enough and won’t prevent the Fed from maintaining its path toward rate cuts at some point this year.
The bulls keep pressing stocks higher without sending the market into overheated territory. Investors have wisely taken profits off the table every few weeks in the early months of 2024 to prevent (for now) the need for a larger correction.
Investors likely want to take advantage of the stock market’s current upward momentum via strong stocks that appear poised to outperform the market in the near-term.
The screen we explore today helps investors find stocks experiencing the strongest upward earnings revisions activity, which helps them earn a Zacks Rank #1 (Strong Buy). Alongside their beefed-up EPS outlooks, the screen we dive into finds stocks that have climbed to trade near 52-week highs.
Screen Basics
The screen we are looking into today comes loaded with the Research Wizard. The screen helps investors dig through all of the Zacks Rank #1 (Strong Buy) stocks, of which there are over 200 at any given time, to find some of the top momentum names.
The screen narrows down the list of Zacks Rank #1 (Strong Buy) stocksto those with upward price momentum that are also trading within 20% of their 52-week highs. The screen then uses the PEG ratio and the Price to Sales ratio to help make sure investors are getting value as well. The screen then makes your life a little easier and narrows it down to just seven stock picks.
The screen basics are listed below…
· Zacks Rank = #1 (Strong Buy)
· Current Price/52-week High >= 0.8
· PEG Ratio: P/E F(1)/EPS Growth <= 1
· Price/Sales <= 3
· Percentage Change Price -12 Weeks = Top # 7
This strategy comes loaded with the Research Wizard and it is called bt_sow_momentum_method1 It can be found in the SoW (Screen of the Week) folder.
The screen is pretty simple, yet powerful. Here is one of the seven stocks that made it through this week's screen…
Griffon ((GFF - Free Report) )
Griffon Corporation is a diversified management and holding firm that operates within two broader reportable segments. Griffon’s Consumer and Professional Products unit includes branded consumer and professional tools, as well as residential, industrial and commercial fans, home storage and organization products, and more. Griffon’s Home and Building Products division features garage doors, rolling steel doors, and beyond.
Image Source: Zacks Investment Research
Griffon crushed our first quarter FY24 EPS estimate by 37% in early February. The strong quarter marked its fourth-straight impressive earnings beat. More importantly, GFF provided upbeat guidance to help it earn its Zacks Rank #1 (Strong Buy). The nearby chart showcases that Griffon’s earnings outlook has steadily trended higher over the last year. Griffon is projected to post 6% adjusted earnings growth this year and 24% EPS next year.
GFF shares have crushed the market over the last five years, soaring 275% vs. the S&P 500’s 85%. Griffon is also up a whopping 120% in the last 12 months to blow away the benchmark’s 33% and its Conglomerates sector’s 11%.
GFF might face some near-term selling pressure to take it down to its 21-day or 50-day moving averages, which investors could take advantage of.
Image Source: Zacks Investment Research
Despite trading near fresh highs, Griffon sits 12% below its average Zacks price target. On top of that, GFF trades at a 38% discount to its sector and 47% below its five-year highs at 12.7X forward 12-month earnings. And Griffon’s dividend yields 0.9% at the moment.
Click here to sign up for a free trial to the Research Wizard today.
Want more articles from this author? Scroll up to the top of this article and click the FOLLOW AUTHOR button to get an email each time a new article is published.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: www.zacks.com/performance_disclosure