Carpenter Technology (NYSE:CRS) Stock Rating Upgraded by Wall Street Zen

by · The Cerbat Gem

Carpenter Technology (NYSE:CRS – Get Free Report) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other research analysts have also issued reports about the stock. KeyCorp cut their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. TD Cowen upped their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Monday, August 31st. Finally, JPMorgan Chase & Co. cut their price target on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $577.25.

View Our Latest Stock Report on Carpenter Technology

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $442.99 on Friday. The company has a market cap of $21.95 billion, a P/E ratio of 42.11, a P/E/G ratio of 1.57 and a beta of 1.26. The business has a fifty day simple moving average of $531.19 and a 200-day simple moving average of $480.54. Carpenter Technology has a 52 week low of $228.00 and a 52 week high of $625.98. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31.

Carpenter Technology (NYSE:CRS – Get Free Report) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.14. The firm had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.21 earnings per share. Equities research analysts forecast that Carpenter Technology will post 13.28 EPS for the current year.

Insider Transactions at Carpenter Technology

In other news, Director Steven E. Karol sold 3,275 shares of the business’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the sale, the director owned 177,000 shares in the company, valued at approximately $83,912,160. The trade was a 1.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ramin Younessi sold 438 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the sale, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 112,996 shares of company stock worth $54,644,436 in the last three months. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carpenter Technology

Several institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC acquired a new stake in shares of Carpenter Technology in the second quarter valued at about $2,978,000. Kinetic Partners Management LP acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $19,122,000. Focus Partners Advisor Solutions LLC acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $3,095,000. Covestor Ltd lifted its position in Carpenter Technology by 334.3% during the 4th quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock worth $1,099,000 after acquiring an additional 2,688 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in Carpenter Technology by 21.4% in the 2nd quarter. Handelsbanken Fonder AB now owns 17,240 shares of the basic materials company’s stock worth $10,634,000 after acquiring an additional 3,040 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Company Profile

(Get Free Report)

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.

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