Benchmark Upgrades Carpenter Technology (NYSE:CRS) to “Buy”

Carpenter Technology (NYSE:CRS) was upgraded by stock analysts at Benchmark from a “hold” rating to a “buy” rating in a report released on Thursday, Price Targets.com reports. The firm presently has a $40.00 price target on the basic materials company’s stock. Benchmark’s price objective points to a potential upside of 22.51% from the stock’s current price.

NYSE CRS opened at $32.65 on Thursday. Carpenter Technology has a one year low of $26.84 and a one year high of $49.20. The stock’s 50 day simple moving average is $30.59 and its 200 day simple moving average is $33.66. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.91 and a current ratio of 3.39.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 28th. The basic materials company reported ($0.28) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.38) by $0.10. The business had revenue of $387.60 million for the quarter, compared to analyst estimates of $428.67 million. Carpenter Technology had a negative return on equity of 6.04% and a negative net margin of 13.07%. Carpenter Technology’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.58) EPS. As a group, equities research analysts forecast that Carpenter Technology will post -1.05 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of Montreal Can boosted its position in Carpenter Technology by 10.4% in the 2nd quarter. Bank of Montreal Can now owns 70,378 shares of the basic materials company’s stock valued at $2,929,000 after buying an additional 6,652 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Carpenter Technology by 6.5% in the 3rd quarter. Louisiana State Employees Retirement System now owns 23,100 shares of the basic materials company’s stock valued at $756,000 after purchasing an additional 1,400 shares during the period. FMR LLC lifted its stake in shares of Carpenter Technology by 190,441.8% in the 2nd quarter. FMR LLC now owns 746,924 shares of the basic materials company’s stock valued at $30,041,000 after purchasing an additional 746,532 shares during the period. AlphaCrest Capital Management LLC acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at $422,000. Finally, Millennium Management LLC lifted its stake in shares of Carpenter Technology by 1,370.6% in the 2nd quarter. Millennium Management LLC now owns 128,149 shares of the basic materials company’s stock valued at $5,154,000 after purchasing an additional 119,435 shares during the period. Hedge funds and other institutional investors own 89.83% of the company’s stock.

Carpenter Technology Company Profile

Carpenter Technology Corp. engages in the manufacturing, fabrication, and distribution of specialty metals. It operates through the Specialty Alloys Operations and Performance Engineered Products segments. The Specialty Alloys Operations segment comprises of major premium alloy and stainless steel manufacturing operations.

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