Carpenter Technology Co. (NYSE:CRS) – Stock analysts at KeyCorp dropped their FY2020 EPS estimates for Carpenter Technology in a note issued to investors on Wednesday, January 15th. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will earn $3.50 per share for the year, down from their prior estimate of $3.65.
Several other research firms also recently weighed in on CRS. Benchmark initiated coverage on shares of Carpenter Technology in a research note on Thursday. They issued a “hold” rating for the company. Zacks Investment Research downgraded shares of Carpenter Technology from a “hold” rating to a “sell” rating and set a $54.00 price target for the company. in a research note on Wednesday, October 16th. ValuEngine raised shares of Carpenter Technology from a “strong sell” rating to a “sell” rating in a research note on Tuesday, January 7th. Finally, Longbow Research downgraded shares of Carpenter Technology from a “buy” rating to a “neutral” rating in a research note on Monday, December 16th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. Carpenter Technology presently has a consensus rating of “Hold” and a consensus target price of $55.33.
Carpenter Technology stock traded down $0.24 during mid-day trading on Friday, hitting $47.17. The company’s stock had a trading volume of 744 shares, compared to its average volume of 249,995. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.81 and a quick ratio of 1.01. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of 13.72 and a beta of 2.31. The business has a 50 day moving average price of $50.50 and a 200-day moving average price of $49.71. Carpenter Technology has a 12 month low of $40.04 and a 12 month high of $56.33.
Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 24th. The basic materials company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.04). The company had revenue of $585.40 million during the quarter, compared to analysts’ expectations of $604.78 million. Carpenter Technology had a return on equity of 10.81% and a net margin of 7.38%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 earnings per share.
In other news, Director Gregory A. Pratt sold 17,528 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $52.31, for a total transaction of $916,889.68. Following the completion of the transaction, the director now directly owns 22,141 shares of the company’s stock, valued at $1,158,195.71. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.90% of the company’s stock.
Several large investors have recently modified their holdings of CRS. Nuveen Asset Management LLC bought a new position in shares of Carpenter Technology during the second quarter valued at about $18,070,000. Man Group plc raised its stake in shares of Carpenter Technology by 1,749.6% during the third quarter. Man Group plc now owns 101,726 shares of the basic materials company’s stock valued at $5,255,000 after acquiring an additional 96,226 shares during the last quarter. Millennium Management LLC raised its stake in shares of Carpenter Technology by 3,698.7% during the third quarter. Millennium Management LLC now owns 93,567 shares of the basic materials company’s stock valued at $4,833,000 after acquiring an additional 96,167 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Carpenter Technology by 1.5% during the second quarter. Vanguard Group Inc. now owns 4,583,098 shares of the basic materials company’s stock valued at $219,897,000 after acquiring an additional 66,079 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Carpenter Technology by 5.1% during the second quarter. Invesco Ltd. now owns 1,123,034 shares of the basic materials company’s stock valued at $53,884,000 after acquiring an additional 54,307 shares during the last quarter. 91.96% of the stock is owned by hedge funds and other 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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