Carpenter Technology (NYSE:CRS) Raised to “Overweight” at KeyCorp

Carpenter Technology (NYSE:CRS) was upgraded by stock analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a research report issued on Thursday, Marketbeat reports. The firm presently has a $380.00 price target on the basic materials company’s stock. KeyCorp’s target price points to a potential upside of 15.03% from the company’s previous close. KeyCorp also issued estimates for Carpenter Technology’s FY2027 earnings at $12.65 EPS.

A number of other research analysts have also commented on the stock. Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. BTIG Research raised their price target on Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Cowen restated a “buy” rating on shares of Carpenter Technology in a research report on Friday, October 24th. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on Carpenter Technology and gave the company a “buy” rating in a research note on Friday, October 24th. Finally, JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average price target of $371.14.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $330.36 on Thursday. The stock has a market cap of $16.46 billion, a P/E ratio of 40.39, a P/E/G ratio of 1.41 and a beta of 1.47. Carpenter Technology has a twelve month low of $138.61 and a twelve month high of $342.11. The stock has a 50 day moving average of $269.64 and a two-hundred day moving average of $256.32. The company has a current ratio of 4.44, a quick ratio of 2.37 and a debt-to-equity ratio of 0.36.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The business had revenue of $733.70 million for the quarter, compared to analysts’ expectations of $741.18 million. During the same period in the previous year, the company posted $1.73 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. On average, research analysts forecast that Carpenter Technology will post 6.83 earnings per share for the current year.

Insider Transactions at Carpenter Technology

In other news, Director Steven E. Karol sold 3,433 shares of the firm’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares of the company’s stock, valued at $44,240,400. This trade represents a 1.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the sale, the chief executive officer owned 535,019 shares in the company, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 28,124 shares of company stock valued at $6,890,250. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

A number of institutional investors and hedge funds have recently made changes to their positions in CRS. Clearstead Advisors LLC lifted its stake in shares of Carpenter Technology by 17.9% in the third quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 36 shares during the period. Glass Jacobson Investment Advisors llc increased its holdings in Carpenter Technology by 3.9% in the third quarter. Glass Jacobson Investment Advisors llc now owns 974 shares of the basic materials company’s stock valued at $239,000 after buying an additional 37 shares in the last quarter. Radnor Capital Management LLC lifted its position in shares of Carpenter Technology by 3.3% during the 2nd quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company’s stock valued at $343,000 after acquiring an additional 40 shares during the period. ANB Bank lifted its position in shares of Carpenter Technology by 3.3% during the 2nd quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock valued at $360,000 after acquiring an additional 42 shares during the period. Finally, Panagora Asset Management Inc. boosted its stake in shares of Carpenter Technology by 3.0% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company’s stock worth $404,000 after acquiring an additional 43 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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.