Carpenter Technology Corp. (CRS) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Carpenter Technology Corp. (NYSE:CRS) from a hold rating to a buy rating in a research note published on Monday morning. They currently have $45.00 price objective on the stock.
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. “
Several other research firms have also weighed in on CRS. Seaport Global Securities started coverage on shares of Carpenter Technology Corp. in a research report on Friday, September 9th. They set a neutral rating and a $38.00 price objective for the company. Rosenblatt Securities restated a buy rating and set a $42.00 price objective on shares of Carpenter Technology Corp. in a research report on Friday, July 8th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Carpenter Technology Corp. currently has an average rating of Hold and an average price target of C$38.20.
Carpenter Technology Corp. (NYSE:CRS) opened at 40.59 on Monday. Carpenter Technology Corp. has a 52-week low of $23.99 and a 52-week high of $42.25. The stock has a 50 day moving average of $37.72 and a 200-day moving average of $35.51. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 176.48 and a beta of 2.01.
Carpenter Technology Corp. (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. Carpenter Technology Corp. had a net margin of 0.63% and a return on equity of 4.66%. The company earned $457.70 million during the quarter, compared to analyst estimates of $454 million. During the same quarter last year, the firm posted $0.52 EPS. The business’s revenue for the quarter was down 18.0% on a year-over-year basis. On average, analysts expect that Carpenter Technology Corp. will post $1.56 EPS for the current year.
In related news, Director Gregory A. Pratt sold 10,358 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of C$38.78, for a total transaction of C$401,683.24. Following the transaction, the director now owns 12,613 shares of the company’s stock, valued at C$489,132.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of CRS. State Street Corp raised its position in shares of Carpenter Technology Corp. by 15.9% in the first quarter. State Street Corp now owns 2,152,286 shares of the company’s stock valued at $73,673,000 after buying an additional 294,803 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Carpenter Technology Corp. by 232.5% in the first quarter. JPMorgan Chase & Co. now owns 253,838 shares of the company’s stock valued at $8,689,000 after buying an additional 177,486 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Carpenter Technology Corp. by 20.2% in the second quarter. Ameriprise Financial Inc. now owns 784,286 shares of the company’s stock valued at $25,825,000 after buying an additional 131,918 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Carpenter Technology Corp. by 44.5% in the first quarter. Prudential Financial Inc. now owns 45,920 shares of the company’s stock valued at $1,572,000 after buying an additional 14,140 shares during the last quarter. Finally, Pacad Investment Ltd. raised its position in shares of Carpenter Technology Corp. by 18.7% in the first quarter. Pacad Investment Ltd. now owns 12,700 shares of the company’s stock valued at $435,000 after buying an additional 2,000 shares during the last quarter. 95.90% of the stock is currently owned by hedge funds and other institutional investors.
About Carpenter Technology Corp.
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.
Receive News & Stock Ratings for Carpenter Technology Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carpenter Technology Corp. and related stocks with our FREE daily email newsletter.