Carpenter Technology (NYSE:CRS) Coverage Initiated at KeyCorp

Research analysts at KeyCorp began 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 objective would suggest a potential downside of 2.64% from the stock’s current price.

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

Carpenter Technology Stock Down 4.0%

Shares of NYSE CRS opened at $390.30 on Wednesday. Carpenter Technology has a 52 week low of $138.61 and a 52 week high of $412.31. The stock’s fifty day moving average is $369.47 and its 200 day moving average is $320.26. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25. The stock has a market capitalization of $19.44 billion, a P/E ratio of 45.33, a PEG ratio of 1.59 and a beta of 1.22.

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

Insider Buying and Selling

In related news, SVP James D. Dee sold 15,800 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the sale, the senior vice president directly owned 73,739 shares in the company, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the sale, the director owned 225,381 shares in the company, valued at $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,300 shares of company stock worth $8,664,044 in the last ninety days. 2.90% of the stock is currently owned by insiders.

Institutional Trading of Carpenter Technology

Institutional investors have recently added to or reduced their stakes in the stock. Woodline Partners LP purchased a new stake in shares of Carpenter Technology in the first quarter worth about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Carpenter Technology by 1.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after purchasing an additional 1,701 shares during the last quarter. Focus Partners Wealth boosted its stake in Carpenter Technology by 7.3% in the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock worth $836,000 after buying an additional 314 shares in the last quarter. Swiss National Bank boosted its stake in shares of Carpenter Technology by 3.9% in the 2nd quarter. Swiss National Bank now owns 95,400 shares of the basic materials company’s stock valued at $26,367,000 after purchasing an additional 3,600 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Carpenter Technology by 3.6% during the second quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company’s stock valued at $54,937,000 after buying an additional 6,914 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.