Carpenter Technology (NYSE:CRS) Price Target Raised to $705.00

Carpenter Technology (NYSE:CRS) had its price objective boosted by JPMorgan Chase & Co. from $470.00 to $705.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the basic materials company’s stock.

CRS has been the topic of several other reports. Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. BTIG Research boosted their price objective on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Wells Fargo & Company upped their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. KeyCorp upped their price objective on shares of Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a research note on Tuesday, June 30th. Finally, Susquehanna upped their target price on Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a research report on Thursday, July 9th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $556.75.

Carpenter Technology Stock Performance

NYSE:CRS opened at $553.85 on Tuesday. The firm has a market capitalization of $27.52 billion, a PE ratio of 58.30, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22. The business’s fifty day moving average price is $522.47 and its 200 day moving average price is $429.51. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. Carpenter Technology has a 12 month low of $228.00 and a 12 month high of $625.98.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same period in the previous year, the business earned $1.88 EPS. Carpenter Technology’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, sell-side analysts anticipate that Carpenter Technology will post 10.57 earnings per share for the current fiscal year.

Insider Activity

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the transaction, the director directly owned 750 shares in the company, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Several hedge funds have recently modified their holdings of the stock. State Street Corp increased its stake in 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 buying an additional 192,533 shares during the period. Invesco Ltd. lifted its stake in shares of Carpenter Technology by 18.8% in 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 period. Egerton Capital UK LLP boosted its holdings 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 valued at $488,950,000 after acquiring an additional 178,679 shares in the last quarter. SurgoCap Partners LP boosted its holdings 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 valued at $294,377,000 after acquiring an additional 272,896 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Carpenter Technology by 8.8% during 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 owned by institutional investors and hedge funds.

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.