Zacks Investment Research upgraded shares of Carpenter Technology Corp. (NYSE:CRS) from a hold rating to a buy rating in a research note released on Monday morning. Zacks Investment Research currently has $45.00 price target on the stock.
According to Zacks, “Carpenter Technology Corporation is a leading manufacturer and distributor of specialty alloys, including stainless steel and titanium, and various engineered products made from metallic and ceramic materials. These products have been used in planes, cars and trucks, electronic equipment, medical devices and instruments, industrial fittings, sporting goods, and oil and gas exploration and processing. Carpenter engineered materials have been used in hundreds of applications from industrial tools to jet engines to fuel injectors and medical implants. Its engineered materials are known for their dependability, strength, toughness, corrosion resistance, and the ability to stay intact in high temperatures. “
Several other research analysts also recently issued reports on CRS. Seaport Global Securities began coverage on Carpenter Technology Corp. in a report on Friday, September 9th. They set a neutral rating and a $38.00 price objective for the company. Rosenblatt Securities reissued a buy rating and set a $42.00 price objective on shares of Carpenter Technology Corp. in a report on Friday, July 8th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of C$38.20.
Carpenter Technology Corp. (NYSE:CRS) opened at 41.30 on Monday. Carpenter Technology Corp. has a 52-week low of $23.99 and a 52-week high of $42.25. The company has a market capitalization of $1.93 billion, a P/E ratio of 179.57 and a beta of 2.01. The stock has a 50 day moving average of $37.99 and a 200-day moving average of $35.62.
Carpenter Technology Corp. (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The business had revenue of $457.70 million for the quarter, compared to the consensus estimate of $454 million. Carpenter Technology Corp. had a net margin of 0.63% and a return on equity of 4.66%. The firm’s quarterly revenue was down 18.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 EPS. On average, equities analysts forecast that Carpenter Technology Corp. will post $1.56 earnings per share for the current year.
In other news, Director Gregory A. Pratt sold 10,358 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of C$38.78, for a total value of C$401,683.24. Following the completion of the sale, the director now directly owns 12,613 shares of the company’s stock, valued at approximately C$489,132.14. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.60% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in CRS. Nisa Investment Advisors L.L.C. boosted its stake in shares of Carpenter Technology Corp. by 20.8% in the first quarter. Nisa Investment Advisors L.L.C. now owns 21,520 shares of the company’s stock worth $737,000 after buying an additional 3,700 shares during the period. Pacad Investment Ltd. boosted its stake in shares of Carpenter Technology Corp. by 18.7% in the first quarter. Pacad Investment Ltd. now owns 12,700 shares of the company’s stock worth $435,000 after buying an additional 2,000 shares during the period. Prudential Financial Inc. boosted its stake in shares of Carpenter Technology Corp. by 44.5% in the first quarter. Prudential Financial Inc. now owns 45,920 shares of the company’s stock worth $1,572,000 after buying an additional 14,140 shares during the period. BlackRock Inc. boosted its stake in shares of Carpenter Technology Corp. by 12.0% in the first quarter. BlackRock Inc. now owns 19,968 shares of the company’s stock worth $683,000 after buying an additional 2,139 shares during the period. Finally, BlackRock Group LTD boosted its stake in shares of Carpenter Technology Corp. by 32.4% in the first quarter. BlackRock Group LTD now owns 35,315 shares of the company’s stock worth $1,209,000 after buying an additional 8,644 shares during the period. 95.90% of the stock is owned by institutional investors.
About Carpenter Technology Corp.
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.