Carpenter Technology (NYSE:CRS) Raised to “Hold” at Wells Fargo & Company

Carpenter Technology (NYSE:CRS) was upgraded by equities research analysts at Wells Fargo & Company to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts also recently issued reports on CRS. Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Susquehanna began coverage on Carpenter Technology in a report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price target on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. BTIG Research upped their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Carpenter Technology presently has an average rating of “Moderate Buy” and an average target price of $387.11.

Carpenter Technology Trading Up 2.5%

NYSE CRS opened at $404.16 on Tuesday. The business has a 50 day simple moving average of $373.64 and a 200 day simple moving average of $324.73. Carpenter Technology has a one year low of $138.61 and a one year high of $421.12. The stock has a market capitalization of $20.13 billion, a P/E ratio of 46.94, a P/E/G ratio of 1.55 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.13. The firm had revenue of $728.00 million for the quarter, compared to analyst estimates of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The company’s revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.66 earnings per share. Research analysts expect that Carpenter Technology will post 6.83 earnings per share for the current year.

Insider Buying and Selling at Carpenter Technology

In other news, SVP James D. Dee sold 15,800 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the sale, the senior vice president owned 73,739 shares in the company, valued at $28,889,465.42. This represents a 17.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the business’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the transaction, the director owned 225,381 shares in the company, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 22,300 shares of company stock worth $8,664,044. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

A number of hedge funds have recently made changes to their positions in the business. Woodline Partners LP purchased a new position in shares of Carpenter Technology during the 1st quarter valued at $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Carpenter Technology by 1.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after acquiring an additional 1,701 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after buying an additional 314 shares in the last quarter. Choreo LLC purchased a new position in shares of Carpenter Technology in the second quarter worth about $210,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Carpenter Technology by 9.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,770 shares of the basic materials company’s stock valued at $2,977,000 after purchasing an additional 930 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

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.