Carpenter Technology (NYSE:CRS) was upgraded by Zacks Investment Research from a “sell” rating to a “strong-buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $61.00 target price on the basic materials company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 15.18% from the stock’s current price.

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 also recently issued reports on the stock. Cowen reiterated a “hold” rating and set a $53.00 price objective on shares of Carpenter Technology in a research note on Sunday, December 10th. KeyCorp reiterated a “hold” rating on shares of Carpenter Technology in a research note on Thursday, November 16th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $52.25.

Carpenter Technology (NYSE CRS) traded up $0.01 during trading hours on Thursday, reaching $52.96. 458,957 shares of the company were exchanged, compared to its average volume of 415,308. Carpenter Technology has a 1-year low of $34.24 and a 1-year high of $54.61. The company has a market capitalization of $2,454.13, a price-to-earnings ratio of 32.69 and a beta of 2.08. The company has a current ratio of 2.91, a quick ratio of 0.98 and a debt-to-equity ratio of 0.45.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. The business had revenue of $479.80 million for the quarter, compared to analyst estimates of $448.46 million. Carpenter Technology had a net margin of 4.06% and a return on equity of 6.67%. Carpenter Technology’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.08) earnings per share. analysts anticipate that Carpenter Technology will post 2.27 EPS for the current fiscal year.

In other Carpenter Technology news, COO Joseph E. Haniford sold 11,448 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $49.09, for a total transaction of $561,982.32. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.51% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CRS. Victory Capital Management Inc. boosted its stake in shares of Carpenter Technology by 103.1% in the 3rd quarter. Victory Capital Management Inc. now owns 1,828,669 shares of the basic materials company’s stock valued at $87,831,000 after purchasing an additional 928,150 shares in the last quarter. Rice Hall James & Associates LLC acquired a new stake in shares of Carpenter Technology in the 3rd quarter valued at approximately $20,374,000. Emerald Advisers Inc. PA acquired a new stake in shares of Carpenter Technology in the 3rd quarter valued at approximately $18,193,000. Frontier Capital Management Co. LLC boosted its stake in shares of Carpenter Technology by 38.9% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,242,423 shares of the basic materials company’s stock valued at $59,674,000 after purchasing an additional 347,965 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Carpenter Technology in the 3rd quarter valued at approximately $11,277,000. Institutional investors own 95.91% of the company’s stock.

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Carpenter Technology 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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