Carpenter Technology (NYSE:CRS) Coverage Initiated at BTIG Research

Research analysts at BTIG Research assumed coverage on shares of Carpenter Technology (NYSE:CRS) in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $120.00 price target on the basic materials company’s stock. BTIG Research’s price objective would suggest a potential upside of 12.15% from the company’s current price.

Several other research firms have also recently issued reports on CRS. Northcoast Research reiterated a “sell” rating and issued a $89.00 price objective on shares of Carpenter Technology in a report on Friday, June 14th. Benchmark reiterated a “buy” rating and issued a $140.00 target price on shares of Carpenter Technology in a research report on Tuesday, May 28th. TD Cowen increased their target price on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a report on Tuesday. They set a “buy” rating and a $144.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Carpenter Technology presently has an average rating of “Moderate Buy” and an average price target of $123.60.

Carpenter Technology Stock Up 0.8 %

Shares of NYSE CRS opened at $107.00 on Wednesday. The firm has a fifty day moving average of $101.54 and a 200-day moving average of $79.59. The company has a quick ratio of 1.45, a current ratio of 3.20 and a debt-to-equity ratio of 0.46. Carpenter Technology has a 52-week low of $51.94 and a 52-week high of $112.75. The stock has a market capitalization of $5.31 billion, a PE ratio of 40.68 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. The business had revenue of $684.90 million for the quarter, compared to analyst estimates of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The company’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 EPS. On average, analysts anticipate that Carpenter Technology will post 4.31 EPS for the current year.

Insiders Place Their Bets

In other news, Director Steven E. Karol sold 31,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total value of $3,117,670.00. Following the transaction, the director now directly owns 244,126 shares of the company’s stock, valued at $24,551,751.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Carpenter Technology news, Director Steven E. Karol sold 31,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the sale, the director now directly owns 244,126 shares in the company, valued at $24,551,751.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Elizabeth A. Socci sold 802 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $102.11, for a total transaction of $81,892.22. Following the completion of the sale, the vice president now owns 11,509 shares in the company, valued at $1,175,183.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,678 shares of company stock valued at $6,261,693. 3.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Carpenter Technology

Several large investors have recently modified their holdings of the stock. American International Group Inc. grew its position in Carpenter Technology by 0.7% in the 4th quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock valued at $1,887,000 after purchasing an additional 188 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Carpenter Technology by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock worth $825,000 after acquiring an additional 215 shares during the last quarter. Range Financial Group LLC raised its stake in shares of Carpenter Technology by 2.5% during the 4th quarter. Range Financial Group LLC now owns 10,728 shares of the basic materials company’s stock worth $760,000 after purchasing an additional 259 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Carpenter Technology by 1.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 25,689 shares of the basic materials company’s stock worth $1,835,000 after purchasing an additional 281 shares during the period. Finally, Comerica Bank raised its stake in Carpenter Technology by 1.2% in the 4th quarter. Comerica Bank now owns 24,931 shares of the basic materials company’s stock valued at $1,765,000 after acquiring an additional 307 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

About Carpenter Technology

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.