Carpenter Technology (NYSE:CRS) Given New $644.00 Price Target at KeyCorp

Carpenter Technology (NYSE:CRS) had its target price hoisted by research analysts at KeyCorp from $459.00 to $644.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. KeyCorp’s target price indicates a potential upside of 4.13% from the company’s previous close.

A number of other brokerages have also recently commented on CRS. Wells Fargo & Company increased their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. BTIG Research upped their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. TD Cowen upped their target price on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Susquehanna raised their target price on shares of Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $481.75.

Carpenter Technology Stock Up 1.9%

Shares of Carpenter Technology stock traded up $11.43 on Tuesday, reaching $618.46. 102,688 shares of the company were exchanged, compared to its average volume of 788,431. Carpenter Technology has a one year low of $228.00 and a one year high of $618.90. The company has a market capitalization of $30.73 billion, a price-to-earnings ratio of 65.08, a PEG ratio of 2.04 and a beta of 1.25. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average of $482.35 and a 200 day moving average of $405.32.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping analysts’ consensus estimates of $2.59 by $0.18. The business had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.88 earnings per share. On average, equities research analysts forecast that Carpenter Technology will post 10.56 earnings per share for the current year.

Insiders Place Their Bets

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the transaction, the vice president directly owned 18,344 shares in the company, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director directly owned 750 shares in the company, valued at $317,895. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CRS. Meeder Advisory Services Inc. grew its position in shares of 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 purchasing an additional 32 shares during the last quarter. Abel Hall LLC increased its stake in shares of Carpenter Technology by 3.2% during the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock worth $321,000 after purchasing an additional 32 shares during the period. Brown Miller Wealth Management LLC lifted its holdings in Carpenter Technology by 2.4% during the 4th quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock worth $444,000 after purchasing an additional 33 shares during the last quarter. Northwestern Mutual Investment Management Company LLC lifted its holdings in Carpenter Technology by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock worth $3,509,000 after purchasing an additional 34 shares during the last quarter. Finally, Essential Partners LLC boosted its stake in Carpenter Technology by 9.9% in the 1st quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock valued at $149,000 after purchasing an additional 34 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.