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Top Stories for Jan. 25, 2024:
1. Keybanc analyst Philip Gibbs maintained an Overweight rating on Universal Stainless & Alloy Products Inc. (NASDAQ:USAP) and raised his price target from $21 to $22.
2. UBS analyst Andreas Bokkenheuser maintained a Neutral rating on Steel Dynamics Inc. (NASDAQ:STLD) and lowered his price target from $120 to $119.
3. Director of Compass Minerals International, Inc. (NYSE:CMP) Joseph Reece disclosed an insider purchase of 5,000 shares at an average price of $21.24 on Jan. 24 for a total of $106,199.
4. The specialty alloy-based materials company Carpenter Technology Corp. (NYSE:CRS) reported second-quarter fiscal 2024 earnings of 85 cents per share and revenue of $624.20 million (+7.8% YoY).
Overall operating income was $69.8 million (+1.16% YoY) while operating income for its Specialty Alloys Operations segment was $83.3 million (+3.1% YoY) with an adjusted operating margin of 20%.
President and CEO Tony R. Thene said, “Looking ahead, we are projecting $171 million to $191 million in operating income in the second half of fiscal year 2024. This would result in the most profitable year on record with $310 million to $330 million of operating income.”
5. Newmont Corporation (NYSE:NEM) appointed Peter Wexler as its chief legal officer.
CEO Tom Palmer said, “Peter brings decades of world-class legal and risk management experience at global organizations, which will be invaluable as Newmont continues to grow, building on its position as the world's leading gold mining company and robust copper producer.”
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