Carpenter Technology Corporation (NYSE:CRS) Receives $371.14 Consensus Price Target from Analysts

Shares of Carpenter Technology Corporation (NYSE:CRS) have received an average recommendation of “Moderate Buy” from the eleven ratings firms that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $371.1429.

Several research firms recently weighed in on CRS. Jones Trading started coverage on Carpenter Technology in a report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price objective on the stock. TD Cowen lifted their price target on Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, October 24th. KeyCorp upgraded Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target on the stock in a report on Thursday, November 13th. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research report on Thursday, October 30th.

Insiders Place Their Bets

In related news, VP Elizabeth A. Socci sold 3,900 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total value of $1,252,875.00. Following the sale, the vice president owned 9,594 shares of the company’s stock, valued at $3,082,072.50. The trade was a 28.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Brian J. Malloy sold 43,688 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $304.45, for a total transaction of $13,300,811.60. Following the sale, the chief operating officer owned 78,875 shares of the company’s stock, valued at approximately $24,013,493.75. This trade represents a 35.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 79,358 shares of company stock worth $24,254,008. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. bought a new position in shares of Carpenter Technology in the second quarter valued at $28,000. Armstrong Advisory Group Inc. lifted its position in Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 43 shares in the last quarter. Headlands Technologies LLC acquired a new position in Carpenter Technology during the 2nd quarter valued at about $43,000. Rakuten Securities Inc. acquired a new position in Carpenter Technology during the 2nd quarter valued at about $45,000. Finally, Root Financial Partners LLC bought a new stake in Carpenter Technology during the 3rd quarter worth approximately $41,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Trading Down 0.7%

Shares of Carpenter Technology stock opened at $320.57 on Friday. The firm’s 50 day moving average is $321.87 and its 200 day moving average is $281.81. The firm has a market capitalization of $15.97 billion, a PE ratio of 39.19, a price-to-earnings-growth ratio of 1.35 and a beta of 1.29. Carpenter Technology has a 1 year low of $138.61 and a 1 year high of $348.99. The company has a current ratio of 4.44, a quick ratio of 2.37 and a debt-to-equity ratio of 0.36.

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

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.