TD Cowen Increases Carpenter Technology (NYSE:CRS) Price Target to $116.00

Carpenter Technology (NYSE:CRS) had its price objective upped by stock analysts at TD Cowen from $90.00 to $116.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. TD Cowen’s price target suggests a potential upside of 11.93% from the company’s current price.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock traded up $3.74 during trading on Thursday, hitting $103.64. 892,810 shares of the company’s stock traded hands, compared to its average volume of 700,732. Carpenter Technology has a 1 year low of $44.40 and a 1 year high of $104.85. The business has a 50-day simple moving average of $74.07 and a 200-day simple moving average of $69.03. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.26. The stock has a market capitalization of $5.14 billion, a P/E ratio of 39.43 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The business had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm’s revenue was down .8% on a year-over-year basis. As a group, analysts forecast that Carpenter Technology will post 3.97 EPS for the current year.

Institutional Investors Weigh In On Carpenter Technology

Large investors have recently made changes to their positions in the company. Hawk Ridge Capital Management LP raised its position in shares of Carpenter Technology by 199.1% during the 4th quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after buying an additional 458,227 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Carpenter Technology by 82.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after purchasing an additional 438,781 shares during the period. Hennessy Advisors Inc. purchased a new stake in Carpenter Technology during the fourth quarter valued at approximately $27,407,000. Norges Bank bought a new stake in shares of Carpenter Technology in the 4th quarter valued at approximately $22,901,000. Finally, Invesco Ltd. boosted its holdings in shares of Carpenter Technology by 24.2% in the 3rd quarter. Invesco Ltd. now owns 1,331,705 shares of the basic materials company’s stock worth $89,504,000 after purchasing an additional 259,330 shares during the period. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Company Profile

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.