Carpenter Technology (NYSE:CRS) Earns Overweight Rating from Analysts at KeyCorp

Stock analysts at KeyCorp initiated coverage on shares of Carpenter Technology (NYSE:CRS) in a research note issued on Wednesday. The brokerage set an “overweight” rating and a $380.00 price target on the basic materials company’s stock. KeyCorp’s price target indicates a potential downside of 4.60% from the stock’s current price.

A number of other research firms have also weighed in on CRS. BTIG Research lifted their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Susquehanna began coverage on shares of Carpenter Technology in a report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $385.50.

Carpenter Technology Stock Up 6.7%

CRS opened at $398.31 on Wednesday. Carpenter Technology has a 52 week low of $138.61 and a 52 week high of $412.31. The business has a 50 day moving average price of $366.82 and a two-hundred day moving average price of $319.16. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The company has a market cap of $19.84 billion, a PE ratio of 46.26, a P/E/G ratio of 1.46 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.13. The company had revenue of $728.00 million for the quarter, compared to the consensus estimate of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The company’s revenue was up 7.5% on a year-over-year basis. During the same period last year, the business posted $1.66 EPS. As a group, research analysts anticipate that Carpenter Technology will post 6.83 EPS for the current year.

Insider Buying and Selling at Carpenter Technology

In other news, Director Steven E. Karol sold 3,500 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the completion of the transaction, the director owned 225,381 shares in the company, valued at $85,897,206.72. This trade represents a 1.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president owned 73,739 shares of the company’s stock, valued at $28,889,465.42. This trade represents a 17.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,300 shares of company stock worth $8,664,044 over the last 90 days. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRS. Geneos Wealth Management Inc. acquired a new stake in shares of Carpenter Technology during the 2nd quarter valued at approximately $28,000. Armstrong Advisory Group Inc. grew its holdings in shares of Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares during the period. Root Financial Partners LLC purchased a new position in Carpenter Technology in the 3rd quarter valued at approximately $41,000. MassMutual Private Wealth & Trust FSB raised its holdings in Carpenter Technology by 54.1% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 60 shares during the last quarter. Finally, Spire Wealth Management raised its holdings in Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Company Profile

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.