Carpenter Technology (NYSE:CRS) Trading Up 7.4% – Time to Buy?

Carpenter Technology Corporation (NYSE:CRS) shares shot up 7.4% during trading on Thursday . The company traded as high as $345.83 and last traded at $347.0250. 541,487 shares were traded during mid-day trading, a decline of 35% from the average session volume of 833,310 shares. The stock had previously closed at $323.00.

Analyst Upgrades and Downgrades

CRS has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday, October 30th. TD Cowen upped their price target on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, October 24th. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. Finally, Jones Trading began coverage on shares of Carpenter Technology in a research report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price objective on the stock. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and an average price target of $371.14.

Carpenter Technology Stock Up 4.7%

The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $16.85 billion, a PE ratio of 41.36, a PEG ratio of 1.34 and a beta of 1.29. The company’s 50 day moving average is $322.01 and its two-hundred day moving average is $282.10.

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

Insider Transactions at Carpenter Technology

In other news, COO Brian J. Malloy sold 43,688 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $304.45, for a total transaction of $13,300,811.60. Following the transaction, the chief operating officer owned 78,875 shares of the company’s stock, valued at approximately $24,013,493.75. The trade was a 35.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Elizabeth A. Socci sold 3,900 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the transaction, the vice president owned 9,594 shares in the company, valued at $3,082,072.50. This trade represents a 28.90% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 79,358 shares of company stock valued at $24,254,008. 2.90% of the stock is owned by insiders.

Institutional Trading of Carpenter Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of CRS. Geneos Wealth Management Inc. bought a new stake in Carpenter Technology during the 2nd quarter valued at about $28,000. Armstrong Advisory Group Inc. grew its stake in Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares in the last quarter. Root Financial Partners LLC purchased a new position in shares of Carpenter Technology during the third quarter worth approximately $41,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of Carpenter Technology by 54.1% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 60 shares in the last quarter. Finally, Spire Wealth Management boosted its holdings in shares of Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 84 shares during the period. 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.