Zacks Research Upgrades Carpenter Technology (NYSE:CRS) to “Strong-Buy”

Carpenter Technology (NYSE:CRS) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Several other brokerages have also recently weighed in on CRS. TD Cowen upped their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday. KeyCorp raised their price objective on Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a research report on Tuesday, June 30th. BTIG Research upped their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Wells Fargo & Company increased their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Finally, Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $556.75.

Carpenter Technology Stock Down 4.0%

CRS stock opened at $553.85 on Wednesday. Carpenter Technology has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The business’s 50 day moving average price is $522.47 and its two-hundred day moving average price is $429.51. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The company has a market capitalization of $27.52 billion, a price-to-earnings ratio of 58.30, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. The firm had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The business’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.88 EPS. As a group, analysts forecast that Carpenter Technology will post 10.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the transaction, the vice president directly owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director owned 750 shares of the company’s stock, valued at $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Covestor Ltd boosted its position in shares of Carpenter Technology by 334.3% during the fourth quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock worth $1,099,000 after acquiring an additional 2,688 shares during the last quarter. Concurrent Investment Advisors LLC increased its holdings in Carpenter Technology by 127.7% in the 4th quarter. Concurrent Investment Advisors LLC now owns 5,141 shares of the basic materials company’s stock valued at $1,619,000 after acquiring an additional 2,883 shares during the last quarter. Renaissance Investment Group LLC bought a new stake in Carpenter Technology in the 4th quarter valued at $8,141,000. Peregrine Asset Advisers Inc. purchased a new stake in Carpenter Technology in the 4th quarter worth $4,062,000. Finally, UBS Group AG lifted its stake in Carpenter Technology by 171.2% in the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock worth $190,951,000 after purchasing an additional 382,865 shares in the last quarter. 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.