Carpenter Technology (NYSE:CRS) Upgraded by Zacks Research to Strong-Buy Rating

Carpenter Technology (NYSE:CRS) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Other research analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. JPMorgan Chase & Co. boosted their price target on shares of Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a research report on Tuesday. Wells Fargo & Company upped their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Finally, Susquehanna lifted their price objective on shares of Carpenter Technology from $495.00 to $680.00 and gave the stock a “positive” rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $556.75.

Carpenter Technology Price Performance

NYSE:CRS opened at $553.85 on Wednesday. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $27.52 billion, a P/E ratio of 58.30, a P/E/G ratio of 1.62 and a beta of 1.22. Carpenter Technology has a 12 month low of $228.00 and a 12 month high of $625.98. The business’s 50-day moving average is $522.47 and its 200 day moving average is $429.51.

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

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the transaction, the director owned 750 shares in the company, valued at $317,895. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the transaction, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Several institutional investors have recently made changes to their positions in CRS. Geneos Wealth Management Inc. bought a new position in Carpenter Technology during the 2nd quarter valued at about $28,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Carpenter Technology during the first quarter valued at approximately $30,000. SJS Investment Consulting Inc. grew its stake in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after buying an additional 36 shares during the last quarter. Armstrong Advisory Group Inc. raised its holdings in shares of Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after buying an additional 43 shares during the period. Finally, Spire Wealth Management lifted its stake in shares of 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 acquiring an additional 84 shares during the last quarter. 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.