Carpenter Technology (NYSE:CRS) Trading 7.4% Higher – Here’s Why

Carpenter Technology Corporation (NYSE:CRS) shares rose 7.4% during trading on Thursday . The stock traded as high as $345.83 and last traded at $347.0250. Approximately 541,487 shares were traded during trading, a decline of 35% from the average daily volume of 833,310 shares. The stock had previously closed at $323.00.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Jones Trading began coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price for the company. BTIG Research raised their target price on shares of Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday, October 30th. Finally, Deutsche Bank Aktiengesellschaft set a $425.00 price target on Carpenter Technology and gave the stock a “buy” rating in a research note on Friday, October 24th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $371.14.

Carpenter Technology Stock Down 1.4%

The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36. The company has a fifty day simple moving average of $322.67 and a 200-day simple moving average of $282.92. The firm has a market cap of $16.70 billion, a P/E ratio of 40.98, a price-to-earnings-growth ratio of 1.42 and a beta of 1.29.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The firm had revenue of $733.70 million for the quarter, compared to analysts’ expectations of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.73 EPS. On average, equities analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Brian J. Malloy sold 43,688 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $304.45, for a total value of $13,300,811.60. Following the completion of the sale, the chief operating officer directly owned 78,875 shares of the company’s stock, valued at $24,013,493.75. This represents a 35.65% 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, VP Elizabeth A. Socci sold 3,900 shares of the company’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the completion of the transaction, the vice president directly owned 9,594 shares of the company’s stock, valued at $3,082,072.50. This represents a 28.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 79,358 shares of company stock valued at $24,254,008. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. purchased a new stake in Carpenter Technology during the 2nd quarter valued at approximately $28,000. Armstrong Advisory Group Inc. boosted its position in shares of Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares during the last quarter. Root Financial Partners LLC purchased a new position in Carpenter Technology during the third quarter valued at $41,000. MassMutual Private Wealth & Trust FSB grew its stake in Carpenter Technology by 54.1% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 60 shares in the last quarter. Finally, Spire Wealth Management increased its holdings in Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 84 shares during the last quarter. 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.