Carpenter Technology (NYSE:CRS) Stock Rating Upgraded by ValuEngine

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Carpenter Technology (NYSE:CRS) was upgraded by research analysts at ValuEngine from a “sell” rating to a “hold” rating in a report issued on Friday, ValuEngine reports.

Separately, Zacks Investment Research downgraded Carpenter Technology from a “hold” rating to a “sell” rating and set a $54.00 price objective for the company. in a research report on Wednesday, October 16th.

Shares of Carpenter Technology stock traded up $1.11 during midday trading on Friday, hitting $53.46. 214,651 shares of the company were exchanged, compared to its average volume of 271,704. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.81 and a quick ratio of 1.01. The firm has a market cap of $2.51 billion, a P/E ratio of 15.45 and a beta of 2.33. Carpenter Technology has a 52 week low of $32.77 and a 52 week high of $56.33. The firm has a 50 day simple moving average of $51.10 and a 200-day simple moving average of $48.06.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 24th. The basic materials company reported $0.85 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.04). Carpenter Technology had a return on equity of 10.81% and a net margin of 7.38%. The company had revenue of $585.40 million for the quarter, compared to the consensus estimate of $604.78 million. During the same quarter last year, the business earned $0.65 EPS. Carpenter Technology’s quarterly revenue was up 2.3% compared to the same quarter last year. Equities research analysts expect that Carpenter Technology will post 3.92 earnings per share for the current year.

In other Carpenter Technology news, Director Steven E. Karol sold 5,000 shares of Carpenter Technology stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $55.00, for a total value of $275,000.00. Following the completion of the transaction, the director now owns 230,543 shares in the company, valued at approximately $12,679,865. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gregory A. Pratt sold 17,528 shares of Carpenter Technology stock in a transaction on Monday, October 28th. The shares were sold at an average price of $50.30, for a total value of $881,658.40. Following the completion of the transaction, the director now owns 6,623 shares of the company’s stock, valued at approximately $333,136.90. The disclosure for this sale can be found here. Insiders own 3.90% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of CRS. Alps Advisors Inc. acquired a new stake in shares of Carpenter Technology in the 3rd quarter valued at $340,000. First Trust Advisors LP increased its stake in shares of Carpenter Technology by 10.0% in the 3rd quarter. First Trust Advisors LP now owns 46,617 shares of the basic materials company’s stock valued at $2,408,000 after buying an additional 4,232 shares during the period. Texas Permanent School Fund increased its stake in shares of Carpenter Technology by 0.9% in the 3rd quarter. Texas Permanent School Fund now owns 32,442 shares of the basic materials company’s stock valued at $1,676,000 after buying an additional 282 shares during the period. California Public Employees Retirement System increased its stake in shares of Carpenter Technology by 20.8% in the 3rd quarter. California Public Employees Retirement System now owns 107,518 shares of the basic materials company’s stock valued at $5,554,000 after buying an additional 18,541 shares during the period. Finally, Retirement Systems of Alabama increased its stake in shares of Carpenter Technology by 0.5% in the 3rd quarter. Retirement Systems of Alabama now owns 61,959 shares of the basic materials company’s stock valued at $3,201,000 after buying an additional 323 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Carpenter Technology Company Profile

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

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