Carpenter Technology (NYSE:CRS) Reaches New 12-Month High – Here’s What Happened

Carpenter Technology Co. (NYSE:CRS)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $199.00 and last traded at $198.39, with a volume of 43283 shares changing hands. The stock had previously closed at $193.10.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of Carpenter Technology in a report on Friday, November 22nd. They issued an “overweight” rating and a $220.00 price objective for the company. Benchmark restated a “buy” rating and issued a $175.00 price objective on shares of Carpenter Technology in a report on Friday, October 25th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $153.00.

Carpenter Technology Trading Up 3.1 %

The stock’s fifty day moving average price is $179.74 and its 200 day moving average price is $154.41. The stock has a market cap of $9.93 billion, a P/E ratio of 44.35, a PEG ratio of 0.90 and a beta of 1.55. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. During the same quarter last year, the firm earned $0.88 earnings per share. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities research analysts expect that Carpenter Technology Co. will post 6.74 earnings per share for the current year.

Institutional Investors Weigh In On Carpenter Technology

Large investors have recently bought and sold shares of the business. TD Asset Management Inc bought a new stake in Carpenter Technology in the 2nd quarter worth approximately $570,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Carpenter Technology in the second quarter worth $203,000. WINTON GROUP Ltd increased its position in Carpenter Technology by 30.7% during the second quarter. WINTON GROUP Ltd now owns 9,165 shares of the basic materials company’s stock valued at $1,004,000 after acquiring an additional 2,152 shares during the last quarter. Renaissance Technologies LLC bought a new position in Carpenter Technology in the second quarter valued at about $13,248,000. Finally, Edgestream Partners L.P. boosted its position in Carpenter Technology by 14.7% in the second quarter. Edgestream Partners L.P. now owns 27,874 shares of the basic materials company’s stock worth $3,054,000 after purchasing an additional 3,569 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

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.