Carpenter Technology Co. (CRS) Receives Consensus Rating of “Buy” from Brokerages

Shares of Carpenter Technology Co. (NYSE:CRS) have received an average recommendation of “Buy” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $52.25.

CRS has been the subject of several recent analyst reports. Zacks Investment Research raised Carpenter Technology from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a research note on Tuesday, October 3rd. KeyCorp reaffirmed a “hold” rating on shares of Carpenter Technology in a research note on Wednesday, October 11th. Finally, Cowen reaffirmed a “hold” rating and set a $37.00 target price on shares of Carpenter Technology in a research note on Thursday, October 19th.

Shares of Carpenter Technology (NYSE:CRS) opened at $52.96 on Friday. Carpenter Technology has a one year low of $34.24 and a one year high of $54.61. The company has a market capitalization of $2,454.13, a P/E ratio of 32.69 and a beta of 2.08. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.98 and a current ratio of 2.91.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, October 26th. The basic materials company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.44 by $0.05. Carpenter Technology had a return on equity of 6.67% and a net margin of 4.06%. The business had revenue of $479.80 million during the quarter, compared to analysts’ expectations of $448.46 million. During the same quarter last year, the firm posted ($0.08) earnings per share. The firm’s revenue was up 23.3% on a year-over-year basis. analysts forecast 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 that occurred on Friday, December 1st. The stock was sold at an average price of $49.09, for a total value of $561,982.32. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.51% of the company’s stock.

Large investors have recently made changes to their positions in the business. Riverhead Capital Management LLC boosted its holdings in Carpenter Technology by 64.5% in the second quarter. Riverhead Capital Management LLC now owns 2,797 shares of the basic materials company’s stock worth $105,000 after acquiring an additional 1,097 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Carpenter Technology by 90.2% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,225 shares of the basic materials company’s stock worth $154,000 after acquiring an additional 1,529 shares in the last quarter. Turner Investments LLC bought a new position in Carpenter Technology in the third quarter worth approximately $192,000. Public Employees Retirement System of Ohio boosted its holdings in Carpenter Technology by 7.1% in the second quarter. Public Employees Retirement System of Ohio now owns 5,614 shares of the basic materials company’s stock worth $210,000 after acquiring an additional 370 shares in the last quarter. Finally, Tocqueville Asset Management L.P. bought a new position in Carpenter Technology in the third quarter worth approximately $214,000. Institutional investors and hedge funds 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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