Benchmark Forecasts Strong Price Appreciation for Carpenter Technology (NYSE:CRS) Stock

Carpenter Technology (NYSE:CRS) had its price target increased by Benchmark from $250.00 to $300.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. Benchmark’s price target would indicate a potential upside of 20.59% from the company’s current price.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $240.00 to $245.00 and gave the company an “overweight” rating in a report on Monday, April 28th. Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $188.83.

Carpenter Technology Trading Up 0.7%

Shares of CRS stock opened at $248.78 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The stock has a fifty day simple moving average of $203.76 and a two-hundred day simple moving average of $194.29. The firm has a market capitalization of $12.38 billion, a PE ratio of 46.94, a PEG ratio of 0.93 and a beta of 1.37. Carpenter Technology has a 52-week low of $95.17 and a 52-week high of $265.45.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. The firm had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.19 earnings per share. On average, analysts predict that Carpenter Technology will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its Board of Directors has initiated a stock buyback program on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, Director I Martin Inglis sold 3,433 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the transaction, the director now owns 6,732 shares of the company’s stock, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

Large investors have recently bought and sold shares of the business. FMR LLC increased its stake in Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock worth $754,295,000 after purchasing an additional 979,313 shares during the period. Invesco Ltd. grew its holdings in shares of Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock worth $381,869,000 after purchasing an additional 570,441 shares during the last quarter. Egerton Capital UK LLP purchased a new position in Carpenter Technology in the 1st quarter worth about $329,727,000. SurgoCap Partners LP lifted its holdings in Carpenter Technology by 117.6% during the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock valued at $244,734,000 after buying an additional 779,357 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Carpenter Technology by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company’s stock valued at $193,279,000 after buying an additional 38,411 shares in the last quarter. 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.