Wells Fargo & Company Begins Coverage on Carpenter Technology (NYSE:CRS)

Stock analysts at Wells Fargo & Company initiated coverage on shares of Carpenter Technology (NYSE:CRS) in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage set an “equal weight” rating and a $400.00 price target on the basic materials company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 1.94% from the company’s previous close.

A number of other brokerages also recently weighed in on CRS. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. BTIG Research increased their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, January 30th. JPMorgan Chase & Co. raised their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. Finally, KeyCorp started coverage on Carpenter Technology in a report on Wednesday, March 25th. They set an “overweight” rating and a $380.00 price objective on the stock. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $387.11.

Carpenter Technology Trading Down 3.0%

Shares of CRS opened at $392.38 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25. The company has a market cap of $19.54 billion, a price-to-earnings ratio of 45.57, a PEG ratio of 1.59 and a beta of 1.24. The stock has a fifty day moving average price of $374.81 and a two-hundred day moving average price of $325.20. Carpenter Technology has a 52-week low of $138.61 and a 52-week high of $421.12.

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

Insiders Place Their Bets

In other news, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total value of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares in the company, valued at $85,897,206.72. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the sale, the senior vice president directly owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This trade represents a 17.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 22,300 shares of company stock worth $8,664,044. 2.90% of the stock is currently owned by company insiders.

Institutional Trading of Carpenter Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp raised its position in shares of Carpenter Technology by 10.1% in the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock valued at $514,687,000 after acquiring an additional 192,533 shares during the period. Invesco Ltd. boosted its stake in Carpenter Technology by 18.8% during the 4th 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 last quarter. Egerton Capital UK LLP grew its holdings in Carpenter Technology by 13.0% during the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock valued at $488,950,000 after purchasing an additional 178,679 shares during the period. SurgoCap Partners LP grew its holdings in Carpenter Technology by 29.5% during the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after purchasing an additional 272,896 shares during the period. Finally, Geode Capital Management LLC increased its stake in 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 valued at $307,333,000 after purchasing an additional 78,588 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.