Carpenter Technology Corporation (CRS) Upgraded to Buy by Zacks Investment Research
Carpenter Technology Corporation (NYSE:CRS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $56.00 target price on the basic materials company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.51% from the company’s previous close.
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 analysts have also weighed in on the stock. Longbow Research upped their target price on shares of Carpenter Technology Corporation from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. TheStreet upgraded shares of Carpenter Technology Corporation from a “c+” rating to a “b” rating in a report on Thursday, July 27th. Finally, Cowen and Company reaffirmed a “hold” rating and set a $37.00 price objective on shares of Carpenter Technology Corporation in a research report on Monday, July 17th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $45.50.
Carpenter Technology Corporation (NYSE:CRS) traded up 0.44% during trading on Tuesday, reaching $50.22. The company’s stock had a trading volume of 571,482 shares. Carpenter Technology Corporation has a 1-year low of $30.37 and a 1-year high of $50.52. The stock has a 50 day moving average price of $41.55 and a 200 day moving average price of $38.51. The stock has a market capitalization of $2.35 billion, a PE ratio of 50.73 and a beta of 2.09.
Carpenter Technology Corporation (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.08. The company had revenue of $507.70 million for the quarter, compared to the consensus estimate of $502.40 million. Carpenter Technology Corporation had a return on equity of 4.48% and a net margin of 2.61%. Carpenter Technology Corporation’s revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.35 EPS. Analysts anticipate that Carpenter Technology Corporation will post $2.18 earnings per share for the current fiscal year.
In related news, Director Jeffrey Wadsworth sold 4,000 shares of the stock in a transaction on Friday, August 25th. The shares were sold at an average price of $40.25, for a total transaction of $161,000.00. Following the completion of the sale, the director now owns 4,200 shares in the company, valued at approximately $169,050. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Steven E. Karol sold 3,877 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $40.18, for a total transaction of $155,777.86. Following the sale, the director now owns 230,418 shares of the company’s stock, valued at approximately $9,258,195.24. The disclosure for this sale can be found here. Insiders sold 26,522 shares of company stock valued at $1,065,580 in the last 90 days. 4.51% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Great West Life Assurance Co. Can increased its position in Carpenter Technology Corporation by 3.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 28,640 shares of the basic materials company’s stock valued at $1,067,000 after acquiring an additional 1,085 shares during the period. First Trust Advisors LP grew its position in Carpenter Technology Corporation by 268.3% in the 1st quarter. First Trust Advisors LP now owns 37,651 shares of the basic materials company’s stock valued at $1,404,000 after buying an additional 27,429 shares during the last quarter. US Bancorp DE grew its position in Carpenter Technology Corporation by 9.1% in the 1st quarter. US Bancorp DE now owns 12,227 shares of the basic materials company’s stock valued at $456,000 after buying an additional 1,024 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in Carpenter Technology Corporation by 15.4% in the 1st quarter. UBS Asset Management Americas Inc. now owns 29,093 shares of the basic materials company’s stock valued at $1,085,000 after buying an additional 3,891 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new position in Carpenter Technology Corporation in the 1st quarter valued at $762,000. Institutional investors and hedge funds own 92.81% of the company’s stock.
Carpenter Technology Corporation 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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