Carpenter Technology (NYSE:CRS) Upgraded at ValuEngine

Carpenter Technology (NYSE:CRS) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, June 26th, ValuEngine reports.

Other equities research analysts have also recently issued reports about the stock. Longbow Research set a $59.00 target price on shares of Carpenter Technology and gave the company a “buy” rating in a research report on Friday, June 14th. Zacks Investment Research cut shares of CGI from a “buy” rating to a “hold” rating in a research report on Wednesday, June 19th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Carpenter Technology has a consensus rating of “Hold” and a consensus price target of $52.50.

Shares of CRS stock traded up $0.60 during trading hours on Wednesday, hitting $45.74. The company’s stock had a trading volume of 200,846 shares, compared to its average volume of 271,460. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.87 and a current ratio of 2.53. The stock has a 50 day simple moving average of $45.09. Carpenter Technology has a 12-month low of $32.77 and a 12-month high of $60.78. The stock has a market cap of $2.14 billion, a PE ratio of 18.30 and a beta of 2.45.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.04. The company had revenue of $609.90 million during the quarter, compared to analysts’ expectations of $585.08 million. Carpenter Technology had a net margin of 6.83% and a return on equity of 9.93%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 earnings per share. Research analysts expect that Carpenter Technology will post 3.23 EPS for the current year.

A number of hedge funds have recently made changes to their positions in the business. MainStreet Investment Advisors LLC purchased a new position in Carpenter Technology during the second quarter worth about $292,000. Oregon Public Employees Retirement Fund lifted its position in shares of Carpenter Technology by 1.4% during the second quarter. Oregon Public Employees Retirement Fund now owns 18,980 shares of the basic materials company’s stock worth $911,000 after purchasing an additional 271 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Carpenter Technology by 8.7% during the second quarter. Nisa Investment Advisors LLC now owns 25,100 shares of the basic materials company’s stock worth $1,204,000 after purchasing an additional 2,000 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in Carpenter Technology in the second quarter valued at approximately $203,000. Finally, Scout Investments Inc. raised its holdings in Carpenter Technology by 66.2% during the second quarter. Scout Investments Inc. now owns 61,745 shares of the basic materials company’s stock worth $2,963,000 after purchasing an additional 24,594 shares in the last quarter. 91.42% of the stock is owned by institutional investors.

About Carpenter Technology

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

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