Carpenter Technology Corp. (NYSE:CRS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $45.00 price objective 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. “
A number of other equities research analysts have also issued reports on CRS. Rosenblatt Securities reiterated a “buy” rating and issued a $42.00 price target on shares of Carpenter Technology Corp. in a research note on Friday, July 8th. Seaport Global Securities initiated coverage on Carpenter Technology Corp. in a research note on Friday, September 9th. They issued a “neutral” rating and a $38.00 price target for the company. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Carpenter Technology Corp. presently has an average rating of “Hold” and a consensus price target of C$38.20.
Shares of Carpenter Technology Corp. (NYSE:CRS) traded down 1.62% on Monday, reaching $40.59. The company’s stock had a trading volume of 286,633 shares. The firm’s 50 day moving average is $37.72 and its 200-day moving average is $35.50. Carpenter Technology Corp. has a 52-week low of $23.99 and a 52-week high of $42.25. The stock has a market cap of $1.89 billion, a P/E ratio of 176.48 and a beta of 2.01.
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 Zacks’ consensus estimate of $0.34 by $0.01. Carpenter Technology Corp. had a return on equity of 4.66% and a net margin of 0.63%. The business earned $457.70 million during the quarter, compared to analyst estimates of $454 million. During the same quarter in the prior year, the business posted $0.52 EPS. Carpenter Technology Corp.’s revenue for the quarter was down 18.0% compared to the same quarter last year. On average, equities research analysts forecast that Carpenter Technology Corp. will post $1.56 EPS for the current year.
In other news, Director Gregory A. Pratt sold 10,358 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of C$38.78, for a total transaction of C$401,683.24. Following the completion of the transaction, the director now owns 12,613 shares in the company, valued at C$489,132.14. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 3.60% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mason Street Advisors LLC acquired a new position in shares of Carpenter Technology Corp. during the second quarter worth approximately $700,000. Public Employees Retirement System of Ohio increased its position in shares of Carpenter Technology Corp. by 15.1% in the second quarter. Public Employees Retirement System of Ohio now owns 4,829 shares of the company’s stock worth $159,000 after buying an additional 632 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Carpenter Technology Corp. by 7.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 255,250 shares of the company’s stock worth $8,406,000 after buying an additional 17,415 shares during the last quarter. Stifel Financial Corp acquired a new position in shares of Carpenter Technology Corp. during the second quarter worth approximately $216,000. Finally, Amalgamated Bank acquired a new position in shares of Carpenter Technology Corp. during the second quarter worth approximately $216,000. 95.90% of the stock is owned by hedge funds and other institutional investors.
Carpenter Technology Corp. Company Profile
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.
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