Carpenter Technology (NYSE:CRS) Shares Gap Down – Here’s Why

Carpenter Technology Corporation (NYSE:CRS)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $530.62, but opened at $492.21. Carpenter Technology shares last traded at $503.9550, with a volume of 325,889 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CRS shares. TD Cowen increased their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Wells Fargo & Company boosted their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $556.75.

Carpenter Technology Stock Down 4.7%

The firm’s 50-day simple moving average is $549.95 and its 200 day simple moving average is $445.10. The company has a market cap of $25.13 billion, a P/E ratio of 53.20, a PEG ratio of 1.58 and a beta of 1.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.During the same period last year, the company posted $2.21 EPS. Carpenter Technology’s quarterly revenue was up 12.6% compared to the same quarter last year. On average, research analysts forecast that Carpenter Technology Corporation will post 10.58 earnings per share for the current fiscal year.

Insider Activity

In related 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 sale, the director owned 750 shares of the company’s stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction dated 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 owned 18,344 shares of the company’s stock, valued at $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. 2.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CRS. State Street Corp grew its holdings in Carpenter Technology by 10.1% during the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after purchasing an additional 192,533 shares during the period. Invesco Ltd. lifted its position in shares of Carpenter Technology by 18.8% in the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock valued at $652,241,000 after buying an additional 327,302 shares during the last quarter. Egerton Capital UK LLP lifted its position 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 buying an additional 178,679 shares during the last quarter. SurgoCap Partners LP lifted its position 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 buying an additional 272,896 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Carpenter Technology by 8.8% during the 4th 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 currently 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.