Carpenter Technology (NYSE:CRS) Stock Price Target Cut by Wells Fargo & Company

Carpenter Technology (NYSE:CRS) had its price target dropped by Wells Fargo & Company from $540.00 to $430.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 11.14% from the stock’s current price.

Several other analysts also recently weighed in on the company. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 12th. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 15th. TD Cowen increased 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a report on Monday, August 31st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and an average price target of $563.50.

Carpenter Technology Trading Down 1.2%

NYSE CRS traded down $4.85 during trading on Wednesday, hitting $386.89. The stock had a trading volume of 129,086 shares, compared to its average volume of 764,928. The firm has a 50 day moving average price of $489.04 and a 200 day moving average price of $480.81. Carpenter Technology has a twelve month low of $233.77 and a twelve month high of $625.98. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $19.17 billion, a PE ratio of 36.76, a PEG ratio of 1.36 and a beta of 1.26.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. The business had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.21 EPS. As a group, equities research analysts forecast that Carpenter Technology will post 13.28 earnings per share for the current year.

Insider Transactions at Carpenter Technology

In related news, CEO Tony R. Thene sold 57,456 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the sale, the chief executive officer owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ramin Younessi sold 438 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the transaction, the director directly owned 1,953 shares in the company, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 112,996 shares of company stock valued at $54,644,436 over the last quarter. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. purchased a new position in shares of Carpenter Technology in the 2nd quarter valued at approximately $302,000. Envestnet Portfolio Solutions Inc. purchased a new stake in Carpenter Technology in the 2nd quarter valued at about $210,000. SkyView Investment Advisors LLC purchased a new position in Carpenter Technology in the second quarter valued at about $247,000. Sequoia Financial Advisors LLC increased its holdings in shares of Carpenter Technology by 36.4% in the second quarter. Sequoia Financial Advisors LLC now owns 3,632 shares of the basic materials company’s stock valued at $2,240,000 after purchasing an additional 969 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in Carpenter Technology in the 2nd quarter worth about $1,799,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.