TD Cowen Issues Pessimistic Forecast for Carpenter Technology (NYSE:CRS) Stock Price

Carpenter Technology (NYSE:CRS) had its price objective dropped by investment analysts at TD Cowen from $650.00 to $500.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. TD Cowen’s price target suggests a potential upside of 28.04% from the company’s current price.

A number of other research firms also recently weighed in on CRS. Susquehanna lowered their target price on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. BTIG Research lifted their price target on Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research report on Friday, July 31st. KeyCorp reduced their price objective on shares of Carpenter Technology from $608.00 to $465.00 and set an “overweight” rating on the stock in a report on Thursday. Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Monday, August 31st. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average price target of $526.88.

Carpenter Technology Trading Up 0.9%

Carpenter Technology stock traded up $3.40 during trading on Friday, reaching $390.50. The company had a trading volume of 94,618 shares, compared to its average volume of 764,173. Carpenter Technology has a 12-month low of $233.77 and a 12-month high of $625.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The firm has a market capitalization of $19.35 billion, a price-to-earnings ratio of 37.14, a PEG ratio of 1.38 and a beta of 1.29. The stock’s 50 day moving average price is $464.33 and its two-hundred day moving average price is $481.56.

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

Insider Buying and Selling

In related news, CEO Tony Thene sold 57,456 shares of Carpenter Technology stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven Karol sold 3,275 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the sale, the director directly owned 177,000 shares in the company, valued at approximately $83,912,160. The trade was a 1.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 112,996 shares of company stock valued at $54,644,436 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carpenter Technology

Several large investors have recently made changes to their positions in CRS. CoreCap Advisors LLC increased its holdings in shares of Carpenter Technology by 49.0% during the third quarter. CoreCap Advisors LLC now owns 1,131 shares of the basic materials company’s stock valued at $440,000 after acquiring an additional 372 shares in the last quarter. Apella Capital LLC grew its stake in shares of Carpenter Technology by 64.8% in the third quarter. Apella Capital LLC now owns 2,391 shares of the basic materials company’s stock worth $935,000 after purchasing an additional 940 shares in the last quarter. Congress Asset Management Co. lifted its stake in Carpenter Technology by 1.9% in the third quarter. Congress Asset Management Co. now owns 82,280 shares of the basic materials company’s stock valued at $31,992,000 after acquiring an additional 1,501 shares during the last quarter. Bright Rock Capital Management LLC acquired a new stake in shares of Carpenter Technology in the third quarter valued at approximately $1,750,000. Finally, Argent Capital Management LLC grew its stake in Carpenter Technology by 32.0% during the third quarter. Argent Capital Management LLC now owns 739 shares of the basic materials company’s stock worth $287,000 after purchasing an additional 179 shares during the period. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Company Profile

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.