Carpenter Technology (NYSE:CRS) Price Target Raised to $540.00

Carpenter Technology (NYSE:CRS) had its target price raised by Wells Fargo & Company from $425.00 to $540.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the basic materials company’s stock.

Several other brokerages have also recently issued reports on CRS. Zacks Research raised Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. KeyCorp decreased their target price on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research report on Monday. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. JPMorgan Chase & Co. dropped their price target on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Finally, Susquehanna cut their price target on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $577.25.

Carpenter Technology Stock Down 2.4%

Shares of NYSE CRS opened at $556.93 on Tuesday. Carpenter Technology has a 1 year low of $228.00 and a 1 year high of $625.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The company has a market cap of $27.67 billion, a P/E ratio of 52.94, a PEG ratio of 2.07 and a beta of 1.25. The firm has a 50-day simple moving average of $561.58 and a two-hundred day simple moving average of $454.22.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.14. The company had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.21 EPS. Research analysts anticipate that Carpenter Technology will post 12.92 earnings per share for the current year.

Institutional Inflows and Outflows

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