Carpenter Technology (NYSE:CRS) Stock Price Expected to Rise, KeyCorp Analyst Says

Carpenter Technology (NYSE:CRS) had its target price boosted by investment analysts at KeyCorp from $380.00 to $453.00 in a research note issued on Thursday, MarketBeat.com reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. KeyCorp’s price objective indicates a potential upside of 4.11% from the stock’s current price.

CRS has been the subject of several other reports. JPMorgan Chase & Co. lifted their target price on shares of Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Wells Fargo & Company started coverage on shares of Carpenter Technology in a report on Wednesday, April 1st. They issued an “equal weight” rating and a $400.00 target price for the company. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Susquehanna started coverage on shares of Carpenter Technology in a report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 target price for the company. Finally, BTIG Research lifted their target price on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $395.22.

Carpenter Technology Trading Up 0.9%

Shares of NYSE CRS opened at $435.13 on Thursday. Carpenter Technology has a 1 year low of $163.06 and a 1 year high of $442.88. The stock has a market cap of $21.67 billion, a P/E ratio of 50.54, a price-to-earnings-growth ratio of 1.69 and a beta of 1.24. The firm has a 50-day moving average of $384.51 and a 200 day moving average of $332.29. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company had revenue of $728.00 million during the quarter, compared to analysts’ expectations of $733.76 million. During the same period last year, the company posted $1.66 EPS. Carpenter Technology’s revenue was up 7.5% on a year-over-year basis. As a group, sell-side analysts expect that Carpenter Technology will post 6.83 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Carpenter Technology

A number of large investors have recently made changes to their positions in the stock. State Street Corp grew its stake in shares of Carpenter Technology by 10.1% in the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after acquiring an additional 192,533 shares during the period. Invesco Ltd. grew its stake in shares of Carpenter Technology by 18.8% in the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after acquiring an additional 327,302 shares during the period. Egerton Capital UK LLP grew its stake in shares of Carpenter Technology by 13.0% in the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after acquiring an additional 178,679 shares during the period. SurgoCap Partners LP grew its stake in shares of Carpenter Technology by 29.5% in the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after acquiring an additional 272,896 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Carpenter Technology by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock worth $307,333,000 after acquiring an additional 78,588 shares during the period. 92.03% of the stock is currently 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.