Carpenter Technology (NYSE:CRS) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Carpenter Technology (NYSE:CRS) from a hold rating to a strong-buy rating in a research note published on Wednesday morning,Zacks.com reports.

A number of other research firms have also weighed in on CRS. Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. boosted their target price on shares of Carpenter Technology from $470.00 to $705.00 and gave the company an “overweight” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Susquehanna increased their price target on Carpenter Technology from $495.00 to $680.00 and gave the stock a “positive” rating in a research report on Thursday, July 9th. Finally, BTIG Research lifted their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Carpenter Technology presently has an average rating of “Buy” and an average target price of $556.75.

Carpenter Technology Trading Down 4.0%

Carpenter Technology stock opened at $553.85 on Wednesday. The stock has a 50-day moving average price of $522.47 and a 200 day moving average price of $429.51. The company has a market capitalization of $27.52 billion, a price-to-earnings ratio of 58.30, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22. Carpenter Technology has a 52 week low of $228.00 and a 52 week high of $625.98. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. During the same quarter in the prior year, the company earned $1.88 EPS. Carpenter Technology’s quarterly revenue was up 11.6% on a year-over-year basis. Sell-side analysts anticipate that Carpenter Technology will post 10.57 EPS for the current year.

Insider Activity at Carpenter Technology

In related news, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the transaction, the director directly owned 750 shares in the company, valued at $317,895. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following 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 ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Carpenter Technology

Several hedge funds have recently modified their holdings of the company. State Street Corp raised its holdings in Carpenter Technology by 10.1% in the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after purchasing an additional 192,533 shares during the period. Invesco Ltd. grew its holdings in Carpenter Technology by 18.8% in the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock valued at $652,241,000 after purchasing an additional 327,302 shares during the period. Egerton Capital UK LLP increased its position in shares of Carpenter Technology by 13.0% in the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock valued at $488,950,000 after buying an additional 178,679 shares in the last quarter. SurgoCap Partners LP increased its position in shares of Carpenter Technology by 29.5% in the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after buying an additional 272,896 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Carpenter Technology by 8.8% during the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock worth $307,333,000 after buying an additional 78,588 shares during the period. 92.03% of the stock is owned by hedge funds and other 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.