Zacks Investment Research upgraded shares of Carpenter Technology (NYSE:CRS) from a sell rating to a strong-buy rating in a report issued on Thursday morning. Zacks Investment Research currently has $61.00 price objective on the basic materials company’s 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 commented on CRS. Cowen restated a hold rating and set a $37.00 price target on shares of Carpenter Technology in a research report on Thursday, October 19th. KeyCorp restated a hold rating on shares of Carpenter Technology in a research report on Thursday, November 16th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Carpenter Technology presently has an average rating of Buy and a consensus target price of $52.25.

Carpenter Technology (CRS) opened at $53.66 on Thursday. Carpenter Technology has a 52-week low of $34.24 and a 52-week high of $54.61. The company has a market capitalization of $2,512.18, a price-to-earnings ratio of 33.12 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 quarterly 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 analyst estimates of $448.46 million. During the same period last year, the business posted ($0.08) earnings per share. The company’s quarterly revenue was up 23.3% on a year-over-year basis. equities research analysts predict that Carpenter Technology will post 2.4 EPS for the current year.

In related news, COO Joseph E. Haniford sold 11,448 shares of Carpenter Technology stock in a transaction on Friday, December 1st. The stock was sold at an average price of $49.09, for a total value of $561,982.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.51% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Riverhead Capital Management LLC raised its stake 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 valued at $105,000 after buying an additional 1,097 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake 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 valued at $154,000 after buying an additional 1,529 shares in the last quarter. Turner Investments LLC acquired a new stake in Carpenter Technology in the third quarter valued at $192,000. Tocqueville Asset Management L.P. acquired a new stake in Carpenter Technology in the third quarter valued at $214,000. Finally, Wrapmanager Inc. acquired a new stake in Carpenter Technology in the third quarter valued at $216,000. Institutional investors own 96.06% 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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