JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Carpenter Technology (NYSE:CRS) Stock

Carpenter Technology (NYSE:CRS) had its price objective raised by investment analysts at JPMorgan Chase & Co. from $465.00 to $470.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 9.18% from the stock’s current price.

A number of other research analysts have also issued reports on CRS. Wells Fargo & Company initiated coverage on Carpenter Technology in a research report on Wednesday, April 1st. They set an “equal weight” rating and a $400.00 price objective for the company. BTIG Research boosted their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. TD Cowen boosted their price objective on Carpenter Technology from $430.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday. Finally, KeyCorp boosted their price objective on Carpenter Technology from $380.00 to $453.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $435.33.

Carpenter Technology Trading Up 0.5%

NYSE:CRS opened at $430.47 on Thursday. Carpenter Technology has a 12-month low of $204.47 and a 12-month high of $459.18. The firm has a market capitalization of $21.44 billion, a P/E ratio of 45.31, a P/E/G ratio of 1.65 and a beta of 1.24. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.26. The business has a 50 day simple moving average of $404.38 and a 200 day simple moving average of $350.32.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The business had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. During the same quarter in the previous year, the firm posted $1.88 EPS. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities research analysts predict that Carpenter Technology will post 10.29 EPS for the current year.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of the business’s stock in a transaction 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 completion of the transaction, the director owned 225,381 shares in the company, valued at approximately $85,897,206.72. The trade was a 1.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP James D. Dee sold 15,800 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the transaction, the senior vice president owned 73,739 shares of the company’s stock, valued at $28,889,465.42. This trade represents a 17.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,300 shares of company stock valued at $8,664,044 in the last quarter. 2.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Woodline Partners LP bought a new stake in shares of Carpenter Technology in the 1st quarter worth $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Carpenter Technology by 1.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after buying an additional 1,701 shares in the last quarter. Focus Partners Wealth raised its stake in shares of Carpenter Technology by 7.3% in the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock worth $836,000 after buying an additional 314 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Carpenter Technology in the 2nd quarter worth $80,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of Carpenter Technology in the 2nd quarter worth $533,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.