Carpenter Technology (NYSE:CRS) Coverage Initiated by Analysts at Wells Fargo & Company

Equities research analysts at Wells Fargo & Company began coverage on shares of Carpenter Technology (NYSE:CRS) in a research report issued to clients and investors on Wednesday. The firm set an “equal weight” rating and a $400.00 price target on the basic materials company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 1.46% from the company’s current price.

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

Carpenter Technology Price Performance

Carpenter Technology stock opened at $394.26 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25. Carpenter Technology has a 52 week low of $138.61 and a 52 week high of $412.31. The stock has a market capitalization of $19.64 billion, a P/E ratio of 45.79, a price-to-earnings-growth ratio of 1.45 and a beta of 1.22. The stock has a fifty day moving average of $372.28 and a 200-day moving average of $324.17.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.13. The business 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%.Carpenter Technology’s revenue was up 7.5% compared to the same quarter last year. During the same period last year, the firm posted $1.66 earnings per share. On average, sell-side analysts expect that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Insider Activity

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $85,897,206.72. The trade was a 1.53% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 22,300 shares of company stock valued at $8,664,044. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Several large investors have recently modified their holdings of the company. Geneos Wealth Management Inc. bought a new stake in Carpenter Technology during the second quarter valued at $28,000. Armstrong Advisory Group Inc. lifted its stake in shares of Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 43 shares during the period. Root Financial Partners LLC bought a new stake in shares of Carpenter Technology during the 3rd quarter valued at about $41,000. MassMutual Private Wealth & Trust FSB boosted its position in shares of Carpenter Technology by 54.1% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 60 shares in the last quarter. Finally, Spire Wealth Management grew its stake in Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.