Carpenter Technology (NYSE:CRS) Stock Price Expected to Rise, BTIG Research Analyst Says

Carpenter Technology (NYSE:CRS) had its price target raised by equities research analysts at BTIG Research from $450.00 to $620.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. BTIG Research’s price target points to a potential upside of 23.56% from the company’s current price.

Several other research firms also recently weighed in on CRS. Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. Finally, Wells Fargo & Company raised their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Carpenter Technology currently has an average rating of “Buy” and a consensus price target of $578.00.

Carpenter Technology Trading Down 5.4%

NYSE:CRS opened at $501.80 on Friday. 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 has a 1 year low of $228.00 and a 1 year high of $625.98. The stock has a market capitalization of $24.93 billion, a price-to-earnings ratio of 52.82, a PEG ratio of 1.49 and a beta of 1.22. The stock has a fifty day moving average price of $551.23 and a two-hundred day moving average price of $446.32.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating 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 15.82% and a return on equity of 25.02%. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period last year, the company posted $2.21 earnings per share. As a group, sell-side analysts anticipate that Carpenter Technology will post 10.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Marshall D. Akins sold 11,815 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 completion of the sale, the director owned 750 shares in the company, valued at $317,895. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRS. State Street Corp boosted its position in shares of Carpenter Technology by 10.1% in the 3rd 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 last quarter. Invesco Ltd. boosted its stake in shares of Carpenter Technology by 18.8% during the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after acquiring an additional 327,302 shares during the period. Egerton Capital UK LLP increased its stake in shares of Carpenter Technology by 13.0% during the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after purchasing an additional 178,679 shares during the period. SurgoCap Partners LP grew its position in shares of Carpenter Technology by 29.5% during the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after purchasing an additional 272,896 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Carpenter Technology by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock valued at $307,333,000 after buying an additional 78,588 shares during the period. 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.