Carpenter Technology (NYSE:CRS) Upgraded at Zacks Research

Zacks Research upgraded shares of Carpenter Technology (NYSE:CRS) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

Several other equities analysts have also weighed in on CRS. KeyCorp lifted their price target on Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. upped their price target on Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a report on Tuesday. Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. BTIG Research raised their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Finally, TD Cowen boosted their price objective on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $556.75.

Carpenter Technology Stock Up 0.4%

CRS stock opened at $556.52 on Wednesday. The firm has a market cap of $27.65 billion, a PE ratio of 58.58, a P/E/G ratio of 1.56 and a beta of 1.22. 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 firm’s fifty day moving average is $525.05 and its 200 day moving average is $430.40. Carpenter Technology has a one year low of $228.00 and a one year high of $625.98.

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

Insider Activity

In other news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president owned 18,344 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this link. Also, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director directly owned 750 shares of the company’s stock, valued at $317,895. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carpenter Technology

Large investors have recently bought and sold shares of the company. Wealthcare Advisory Partners LLC grew its holdings in Carpenter Technology by 1.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock valued at $708,000 after purchasing an additional 19 shares during the last quarter. Meeder Advisory Services Inc. raised its stake in shares of Carpenter Technology by 3.7% during the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock worth $280,000 after buying an additional 32 shares during the last quarter. Abel Hall LLC raised its stake in shares of Carpenter Technology by 3.2% during the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock worth $321,000 after buying an additional 32 shares during the last quarter. Brown Miller Wealth Management LLC raised its stake in shares of Carpenter Technology by 2.4% during the 4th quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock worth $444,000 after buying an additional 33 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC boosted its position in shares of Carpenter Technology by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock worth $3,509,000 after buying an additional 34 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other 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.