JPMorgan Chase & Co. Increases Carpenter Technology (NYSE:CRS) Price Target to $705.00

Carpenter Technology (NYSE:CRS) had its target price hoisted by investment analysts at JPMorgan Chase & Co. from $470.00 to $705.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 23.76% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. BTIG Research boosted their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Wells Fargo & Company raised their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. Susquehanna lifted their price objective on shares of Carpenter Technology from $495.00 to $680.00 and gave the stock a “positive” rating in a research note on Thursday. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Finally, KeyCorp increased their target price on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $556.75.

Carpenter Technology Stock Performance

NYSE:CRS traded up $2.81 during mid-day trading on Tuesday, hitting $569.66. 23,445 shares of the stock were exchanged, compared to its average volume of 776,255. The firm’s 50-day simple moving average is $515.33 and its 200 day simple moving average is $424.57. The stock has a market capitalization of $28.31 billion, a price-to-earnings ratio of 60.07, a price-to-earnings-growth ratio of 1.68 and a beta of 1.22. Carpenter Technology has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. The firm had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.88 EPS. As a group, equities analysts anticipate that Carpenter Technology will post 10.56 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the transaction, the director owned 750 shares in the company, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction dated 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 transaction, the vice president directly owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by company insiders.

Institutional Trading of Carpenter Technology

Several large investors have recently made changes to their positions in the company. Jennison Associates LLC bought a new position in Carpenter Technology in the first quarter valued at approximately $317,411,000. Sands Capital Management LLC bought a new stake in Carpenter Technology during the fourth quarter worth $195,731,000. Norges Bank acquired a new stake in shares of Carpenter Technology in the 4th quarter valued at $195,254,000. TOMS Capital Investment Management LP acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at $106,683,000. Finally, UBS Group AG boosted its holdings in shares of Carpenter Technology by 171.2% in the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock valued at $190,951,000 after purchasing an additional 382,865 shares in the last quarter. Institutional investors and hedge funds 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.