Carpenter Technology (NYSE:CRS) Upgraded to Overweight at KeyCorp

Carpenter Technology (NYSE:CRS) was upgraded by investment analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a research report issued on Thursday, Marketbeat reports. The firm currently has a $380.00 target price on the basic materials company’s stock. KeyCorp’s price objective suggests a potential upside of 14.50% from the stock’s previous close.

CRS has been the topic of several other research reports. Jones Trading assumed coverage on Carpenter Technology in a report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price target on the stock. JPMorgan Chase & Co. raised their target price on shares of Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. TD Cowen boosted their target price on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, October 24th. BTIG Research raised their price target on Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research report on Monday, October 27th. Finally, Zacks Research lowered Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $371.14.

Carpenter Technology Price Performance

NYSE CRS opened at $331.87 on Thursday. Carpenter Technology has a fifty-two week low of $138.61 and a fifty-two week high of $338.08. The stock’s 50-day moving average is $266.30 and its two-hundred day moving average is $254.92. The firm has a market cap of $16.53 billion, a P/E ratio of 40.57, a price-to-earnings-growth ratio of 1.41 and a beta of 1.47. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.30. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The company had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. During the same quarter in the prior year, the company posted $1.73 EPS. The firm’s revenue was up 2.2% on a year-over-year basis. On average, analysts anticipate that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Insider Activity at Carpenter Technology

In related news, Director I Martin Inglis sold 5,691 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the completion of the transaction, the director directly owned 6,732 shares in the company, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the sale, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. This trade represents a 3.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,124 shares of company stock worth $6,890,250 over the last three months. Company insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

Several institutional investors have recently made changes to their positions in the business. Hancock Whitney Corp bought a new stake in shares of Carpenter Technology during the first quarter worth approximately $819,000. Y Intercept Hong Kong Ltd acquired a new stake in Carpenter Technology during the 2nd quarter worth $1,460,000. Graham Capital Management L.P. raised its position in shares of Carpenter Technology by 175.8% during the 1st quarter. Graham Capital Management L.P. now owns 3,643 shares of the basic materials company’s stock valued at $660,000 after acquiring an additional 2,322 shares during the last quarter. Titan Global Capital Management USA LLC acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at $2,823,000. Finally, Focus Partners Advisor Solutions LLC bought a new position in shares of Carpenter Technology in the 1st quarter worth $324,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.