Carpenter Technology Corp. (NYSE:CRS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm presently has a $45.00 price objective on the stock.
According to Zacks, “Carpenter Technology Corporation is a leading manufacturer and distributor of specialty alloys, including stainless steel and titanium, and various engineered products made from metallic and ceramic materials. These products have been used in planes, cars and trucks, electronic equipment, medical devices and instruments, industrial fittings, sporting goods, and oil and gas exploration and processing. Carpenter engineered materials have been used in hundreds of applications from industrial tools to jet engines to fuel injectors and medical implants. Its engineered materials are known for their dependability, strength, toughness, corrosion resistance, and the ability to stay intact in high temperatures. “
A number of other research analysts also recently issued reports on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $42.00 price target on shares of Carpenter Technology Corp. in a report on Friday, July 8th. Seaport Global Securities initiated coverage on Carpenter Technology Corp. in a report on Friday, September 9th. They set a “neutral” rating and a $38.00 price target on the stock. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of C$38.20.
Shares of Carpenter Technology Corp. (NYSE:CRS) opened at 39.98 on Monday. Carpenter Technology Corp. has a 12 month low of $23.99 and a 12 month high of $42.25. The stock’s 50 day moving average price is $37.77 and its 200-day moving average price is $35.54. The company has a market cap of $1.86 billion, a P/E ratio of 173.83 and a beta of 2.01.
Carpenter Technology Corp. (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $457.70 million for the quarter, compared to the consensus estimate of $454 million. Carpenter Technology Corp. had a return on equity of 4.66% and a net margin of 0.63%. The company’s quarterly revenue was down 18.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. Equities research analysts expect that Carpenter Technology Corp. will post $1.56 earnings per share for the current year.
In related news, Director Gregory A. Pratt sold 10,358 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of C$38.78, for a total transaction of C$401,683.24. Following the completion of the sale, the director now owns 12,613 shares in the company, valued at C$489,132.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.60% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC boosted its stake in shares of Carpenter Technology Corp. by 215.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,759 shares of the company’s stock worth $124,000 after buying an additional 2,569 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Carpenter Technology Corp. by 15.1% in the second quarter. Public Employees Retirement System of Ohio now owns 4,829 shares of the company’s stock worth $159,000 after buying an additional 632 shares during the last quarter. Advisors Asset Management Inc. bought a new stake in shares of Carpenter Technology Corp. during the second quarter worth approximately $176,000. Advisor Group Inc. bought a new stake in shares of Carpenter Technology Corp. during the second quarter worth approximately $197,000. Finally, Teacher Retirement System of Texas boosted its stake in shares of Carpenter Technology Corp. by 8.6% in the second quarter. Teacher Retirement System of Texas now owns 6,516 shares of the company’s stock worth $215,000 after buying an additional 515 shares during the last quarter. Institutional investors own 95.90% of the company’s stock.
Carpenter Technology Corp. Company Profile
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.
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