Carpenter Technology (NYSE:CRS) Upgraded by Zacks Research to “Strong-Buy” Rating

Carpenter Technology (NYSE:CRS) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other research firms also recently issued reports on CRS. JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. KeyCorp lifted their price target on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. Wells Fargo & Company boosted their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. Finally, BTIG Research upped their price objective on Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $556.75.

Carpenter Technology Stock Down 4.0%

CRS stock opened at $553.85 on Wednesday. Carpenter Technology has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The business’s 50-day moving average is $522.47 and its two-hundred day moving average is $429.51. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The company has a market cap of $27.52 billion, a price-to-earnings ratio of 58.30, a P/E/G ratio of 1.62 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The business had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same period in the previous year, the company posted $1.88 EPS. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, analysts forecast that Carpenter Technology will post 10.57 earnings per share for the current year.

Insider Buying and Selling at Carpenter Technology

In related news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the transaction, the vice president owned 18,344 shares in the company, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction on Monday, May 4th. The stock was 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 of the company’s stock, valued at $317,895. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds have recently made changes to their positions in the business. Covestor Ltd grew its holdings in Carpenter Technology by 334.3% during the 4th quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock valued at $1,099,000 after buying an additional 2,688 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings in shares of Carpenter Technology by 127.7% in the fourth quarter. Concurrent Investment Advisors LLC now owns 5,141 shares of the basic materials company’s stock worth $1,619,000 after buying an additional 2,883 shares in the last quarter. Renaissance Investment Group LLC bought a new position in shares of Carpenter Technology during the fourth quarter worth $8,141,000. Peregrine Asset Advisers Inc. bought a new position in shares of Carpenter Technology during the fourth quarter worth $4,062,000. Finally, Fiducient Advisors LLC purchased a new position in Carpenter Technology during the fourth quarter valued at $916,000. Institutional investors own 92.03% of the company’s stock.

About Carpenter Technology

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.