Carpenter Technology (NYSE:CRS – Get Free Report) had its price target increased by equities research analysts at Wells Fargo & Company from $425.00 to $540.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price would indicate a potential downside of 2.51% from the company’s current price.
A number of other research firms have also recently issued reports on CRS. Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. KeyCorp dropped their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a report on Monday. JPMorgan Chase & Co. dropped their price objective on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday. TD Cowen upped their target price on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $577.25.
Check Out Our Latest Research Report on Carpenter Technology
Carpenter Technology Price Performance
Carpenter Technology (NYSE:CRS – Get Free Report) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The company had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. Carpenter Technology’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period last year, the business earned $2.21 EPS. As a group, equities analysts forecast that Carpenter Technology will post 12.86 earnings per share for the current fiscal year.
Institutional Trading of Carpenter Technology
Several institutional investors and hedge funds have recently bought and sold shares of CRS. Wealthcare Advisory Partners LLC increased its holdings in shares of Carpenter Technology by 1.7% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock worth $708,000 after buying an additional 19 shares during the last quarter. Meeder Advisory Services Inc. lifted its holdings in Carpenter Technology by 3.7% in the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock valued at $280,000 after acquiring an additional 32 shares during the last quarter. Abel Hall LLC grew its position in Carpenter Technology by 3.2% in the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock worth $321,000 after acquiring an additional 32 shares during the period. Brown Miller Wealth Management LLC grew its position in Carpenter Technology by 2.4% in the fourth quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock worth $444,000 after acquiring an additional 33 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in Carpenter Technology by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock worth $3,509,000 after acquiring an additional 34 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.
About Carpenter Technology
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.
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