Carpenter Technology (NYSE:CRS) Shares Gap Down – What’s Next?

Carpenter Technology Corporation (NYSE:CRS)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $530.62, but opened at $492.21. Carpenter Technology shares last traded at $503.9550, with a volume of 325,889 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $470.00 to $705.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. TD Cowen increased their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a report on Monday, July 13th. Wells Fargo & Company raised 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 note on Monday, May 4th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Carpenter Technology has an average rating of “Buy” and an average price target of $556.75.

Carpenter Technology Price Performance

The stock has a market capitalization of $25.13 billion, a price-to-earnings ratio of 53.20, a price-to-earnings-growth ratio of 1.58 and a beta of 1.22. 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 stock has a 50-day simple moving average of $549.95 and a 200 day simple moving average of $445.10.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.21 EPS. On average, equities research analysts forecast that Carpenter Technology Corporation will post 10.58 EPS for the current fiscal year.

Insider Buying and Selling at Carpenter Technology

In other news, Director Anastasios John Hart sold 750 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the transaction, the director owned 750 shares of the company’s stock, valued at approximately $317,895. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the vice president directly owned 18,344 shares in the company, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

Several hedge funds have recently modified their holdings of the company. Family Wealth Partners LLC acquired a new position in shares of Carpenter Technology in the 2nd quarter worth approximately $302,000. Handelsbanken Fonder AB increased its holdings in Carpenter Technology by 21.4% during the 2nd quarter. Handelsbanken Fonder AB now owns 17,240 shares of the basic materials company’s stock valued at $10,634,000 after purchasing an additional 3,040 shares in the last quarter. Fulton Bank N.A. bought a new position in Carpenter Technology in the 2nd quarter valued at $332,000. Wealthcare Advisory Partners LLC raised its position in Carpenter Technology by 1.7% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock valued at $708,000 after purchasing an additional 19 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its stake in Carpenter Technology by 30.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 5,008 shares of the basic materials company’s stock worth $3,089,000 after purchasing an additional 1,173 shares in the last quarter. 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.