Carpenter Technology (NYSE:CRS) Coverage Initiated by Analysts at KeyCorp

Equities research analysts at KeyCorp initiated coverage on shares of Carpenter Technology (NYSE:CRS) in a research report issued on Wednesday. The firm set an “overweight” rating and a $380.00 price target on the basic materials company’s stock. KeyCorp’s price objective would indicate a potential downside of 4.60% from the company’s previous close.

A number of other analysts have also recently weighed in on the company. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Susquehanna assumed coverage on Carpenter Technology in a research report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 target price on the stock. Finally, BTIG Research boosted their target price on Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $385.50.

Carpenter Technology Trading Up 6.7%

NYSE CRS opened at $398.31 on Wednesday. Carpenter Technology has a 52 week low of $138.61 and a 52 week high of $412.31. The firm has a 50 day moving average of $366.82 and a two-hundred day moving average of $319.16. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $19.84 billion, a PE ratio of 46.26, a price-to-earnings-growth ratio of 1.46 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data 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. The business had revenue of $728.00 million for the quarter, compared to analyst estimates of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company’s revenue was up 7.5% on a year-over-year basis. During the same period last year, the business earned $1.66 EPS. As a group, research analysts expect that Carpenter Technology will post 6.83 EPS for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at $28,000. Armstrong Advisory Group Inc. grew its position in Carpenter Technology by 57.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 43 shares during the last quarter. Spire Wealth Management grew its position in Carpenter Technology by 164.7% during the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares during the last quarter. Headlands Technologies LLC acquired a new position in Carpenter Technology in the second quarter valued at $43,000. Finally, Rakuten Securities Inc. acquired a new position in Carpenter Technology in the second quarter valued at $45,000. Hedge funds and other institutional investors 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.