Carpenter Technology (NYSE:CRS) Upgraded to “Overweight” at KeyCorp

Carpenter Technology (NYSE:CRS) was upgraded by research analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage presently has a $380.00 price target on the basic materials company’s stock. KeyCorp’s target price suggests a potential upside of 14.50% from the company’s current price.

Several other equities analysts have also recently issued reports on CRS. Jones Trading started coverage on Carpenter Technology in a research note on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on shares of Carpenter Technology and gave the stock a “buy” rating in a research note on Friday, October 24th. Finally, Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $371.14.

Carpenter Technology Stock Performance

Shares of CRS opened at $331.87 on Thursday. The firm has a market capitalization of $16.53 billion, a PE ratio of 40.57, a P/E/G ratio of 1.41 and a beta of 1.47. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average price of $266.30 and a 200 day moving average price of $254.92. Carpenter Technology has a 52-week low of $138.61 and a 52-week high of $338.08.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The business had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $741.18 million. During the same period last year, the firm posted $1.73 earnings per share. The business’s revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts anticipate that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Insider Activity

In other news, Director I Martin Inglis sold 5,691 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the completion of the sale, the director owned 6,732 shares of the company’s stock, valued at $1,646,243.28. This trade represents a 45.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the transaction, the director owned 180,000 shares in the company, valued at $44,240,400. This represents a 1.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 28,124 shares of company stock worth $6,890,250 over the last quarter. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors have recently modified their holdings of CRS. M&T Bank Corp increased its stake in shares of Carpenter Technology by 3.9% in the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company’s stock worth $279,000 after acquiring an additional 58 shares during the last quarter. CWM LLC increased its position in Carpenter Technology by 23.0% in the 1st quarter. CWM LLC now owns 2,130 shares of the basic materials company’s stock worth $386,000 after purchasing an additional 398 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Carpenter Technology by 40.3% during the 1st quarter. Victory Capital Management Inc. now owns 22,408 shares of the basic materials company’s stock worth $4,060,000 after purchasing an additional 6,438 shares in the last quarter. Morse Asset Management Inc lifted its holdings in shares of Carpenter Technology by 18.5% during the 1st quarter. Morse Asset Management Inc now owns 802 shares of the basic materials company’s stock valued at $145,000 after buying an additional 125 shares during the last quarter. Finally, IFP Advisors Inc grew its stake in shares of Carpenter Technology by 1,121.7% in the 1st quarter. IFP Advisors Inc now owns 562 shares of the basic materials company’s stock valued at $102,000 after buying an additional 516 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.