Seaport Global Securities Weighs in on Carpenter Technology Co.’s Q3 2019 Earnings (CRS)

Carpenter Technology Co. (NYSE:CRS) – Investment analysts at Seaport Global Securities lifted their Q3 2019 earnings estimates for Carpenter Technology in a research report issued to clients and investors on Thursday, April 11th. Seaport Global Securities analyst J. Sullivan now expects that the basic materials company will post earnings per share of $0.83 for the quarter, up from their prior estimate of $0.82. Seaport Global Securities also issued estimates for Carpenter Technology’s FY2019 earnings at $3.22 EPS.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, January 31st. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.10. The business had revenue of $556.50 million for the quarter, compared to analyst estimates of $570.66 million. Carpenter Technology had a net margin of 6.04% and a return on equity of 9.49%. During the same quarter in the previous year, the business earned $0.55 earnings per share.

CRS has been the topic of several other research reports. ValuEngine upgraded shares of Carpenter Technology from a “sell” rating to a “hold” rating in a report on Saturday, February 2nd. Zacks Investment Research upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a report on Tuesday, April 9th. Finally, Cowen restated a “buy” rating and issued a $53.00 target price on shares of Carpenter Technology in a report on Thursday, January 31st. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Carpenter Technology has a consensus rating of “Buy” and a consensus price target of $53.50.

CRS stock opened at $49.58 on Monday. The firm has a market capitalization of $2.35 billion, a P/E ratio of 19.83 and a beta of 2.40. The company has a current ratio of 2.53, a quick ratio of 0.84 and a debt-to-equity ratio of 0.36. Carpenter Technology has a 12-month low of $32.77 and a 12-month high of $61.49.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund lifted its stake in shares of Carpenter Technology by 2.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,709 shares of the basic materials company’s stock valued at $666,000 after buying an additional 414 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Carpenter Technology by 1.3% during the 4th quarter. Arizona State Retirement System now owns 33,999 shares of the basic materials company’s stock valued at $1,211,000 after buying an additional 442 shares in the last quarter. Comerica Bank lifted its stake in shares of Carpenter Technology by 2.0% during the 4th quarter. Comerica Bank now owns 30,774 shares of the basic materials company’s stock valued at $1,336,000 after buying an additional 610 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Carpenter Technology by 6.0% during the 4th quarter. Thrivent Financial for Lutherans now owns 11,999 shares of the basic materials company’s stock valued at $427,000 after buying an additional 674 shares in the last quarter. Finally, King Luther Capital Management Corp lifted its stake in shares of Carpenter Technology by 1.3% during the 4th quarter. King Luther Capital Management Corp now owns 52,825 shares of the basic materials company’s stock valued at $1,881,000 after buying an additional 690 shares in the last quarter. Hedge funds and other institutional investors own 94.66% of the company’s stock.

About Carpenter Technology

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

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Earnings History and Estimates for Carpenter Technology (NYSE:CRS)

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