Carpenter Technology (NYSE:CRS) Price Target Raised to $453.00
by Mitch Edgeman · The Markets DailyCarpenter Technology (NYSE:CRS – Get Free Report) had its price objective raised by equities researchers at KeyCorp from $380.00 to $453.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. KeyCorp’s price objective would suggest a potential upside of 3.90% from the stock’s current price.
Several other equities analysts also recently commented on the company. Susquehanna began coverage on Carpenter Technology in a research report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price objective on the stock. BTIG Research boosted their price objective on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. Wells Fargo & Company assumed coverage on Carpenter Technology in a report on Wednesday, April 1st. They issued an “equal weight” rating and a $400.00 target price on the stock. Finally, Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $395.22.
Get Our Latest Research Report on Carpenter Technology
Carpenter Technology Price Performance
NYSE CRS opened at $435.99 on Thursday. The company has a market capitalization of $21.72 billion, a PE ratio of 50.59, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25. The business’s fifty day moving average is $379.72 and its 200 day moving average is $330.24. Carpenter Technology has a fifty-two week low of $163.06 and a fifty-two week high of $433.85.
Carpenter Technology (NYSE:CRS – Get Free Report) last released its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.13. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The company had revenue of $728.00 million for the quarter, compared to the consensus estimate of $733.76 million. During the same period in the previous year, the business earned $1.66 earnings per share. Carpenter Technology’s quarterly revenue was up 7.5% compared to the same quarter last year. Sell-side analysts predict that Carpenter Technology will post 6.83 earnings per share for the current year.
Insider Buying and Selling at Carpenter Technology
In other news, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president directly owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the sale, the director directly owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 22,300 shares of company stock valued at $8,664,044. Corporate insiders own 2.90% of the company’s stock.
Institutional Investors Weigh In On Carpenter Technology
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Meeder Advisory Services Inc. lifted its position in Carpenter Technology by 3.7% in the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock valued at $280,000 after acquiring an additional 32 shares during the last quarter. Abel Hall LLC lifted its position in Carpenter Technology by 3.2% in the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock valued at $321,000 after acquiring an additional 32 shares during the last quarter. Brown Miller Wealth Management LLC lifted its position in Carpenter Technology by 2.4% in the fourth quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock valued at $444,000 after acquiring an additional 33 shares during the last quarter. Northwestern Mutual Investment Management Company LLC lifted its position in Carpenter Technology by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock valued at $3,509,000 after acquiring an additional 34 shares during the last quarter. Finally, Clearstead Advisors LLC lifted its position in Carpenter Technology by 17.9% in the third quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock valued at $58,000 after acquiring an additional 36 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.
Carpenter Technology Company Profile
Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.