JPMorgan Chase & Co. Issues Pessimistic Forecast for Carpenter Technology (NYSE:CRS) Stock Price

Carpenter Technology (NYSE:CRS) had its price target lowered by analysts at JPMorgan Chase & Co. from $700.00 to $520.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 38.44% from the stock’s previous close.

CRS has been the topic of a number of other research reports. Wells Fargo & Company reduced their price objective on Carpenter Technology from $540.00 to $430.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 30th. TD Cowen lowered their target price on Carpenter Technology from $650.00 to $500.00 and set a “buy” rating for the company in a research note on Friday, October 9th. Susquehanna lowered their target price on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. BTIG Research raised their target price on Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $504.38.

Carpenter Technology Stock Down 1.3%

Shares of NYSE:CRS traded down $4.81 during midday trading on Wednesday, hitting $375.61. 272,390 shares of the company’s stock traded hands, compared to its average volume of 762,838. 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 company has a market cap of $18.62 billion, a PE ratio of 35.71, a P/E/G ratio of 1.33 and a beta of 1.29. The firm’s fifty day moving average price is $454.54 and its two-hundred day moving average price is $481.33. Carpenter Technology has a twelve month low of $233.77 and a twelve month high of $625.98.

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

Insider Transactions at Carpenter Technology

In related news, Director Steven Karol sold 3,275 shares of the business’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $474.08, for a total value of $1,552,612.00. Following the transaction, the director owned 177,000 shares in the company, valued at approximately $83,912,160. The trade was a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Tony Thene sold 57,456 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the transaction, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 112,996 shares of company stock valued at $54,644,436. 2.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Carpenter Technology

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Carpenter Technology during the second quarter worth approximately $3,834,623,000. SurgoCap Partners LP acquired a new stake in Carpenter Technology in the second quarter valued at $423,444,000. Jennison Associates LLC bought a new position in Carpenter Technology during the 1st quarter valued at $317,411,000. Wellington Management Group LLP boosted its stake in Carpenter Technology by 82.2% during the 2nd quarter. Wellington Management Group LLP now owns 506,167 shares of the basic materials company’s stock valued at $312,224,000 after acquiring an additional 228,290 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Carpenter Technology during the 2nd quarter valued at $231,252,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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.