Carpenter Technology (NYSE:CRS) Coverage Initiated at Jones Trading

Analysts at Jones Trading began coverage on shares of Carpenter Technology (NYSE:CRS) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage set a “buy” rating and a $400.00 price target on the basic materials company’s stock. Jones Trading’s price target suggests a potential upside of 33.63% from the stock’s current price.

Several other brokerages have also recently issued reports on CRS. Weiss Ratings reissued a “buy (b+)” rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. BTIG Research reissued a “buy” rating on shares of Carpenter Technology in a research report on Monday, August 4th. Finally, Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $308.75.

Carpenter Technology Trading Up 22.3%

Shares of NYSE:CRS opened at $299.32 on Wednesday. The stock has a market capitalization of $14.92 billion, a price-to-earnings ratio of 40.34, a PEG ratio of 1.11 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The stock’s 50-day simple moving average is $244.71 and its two-hundred day simple moving average is $239.84. Carpenter Technology has a 52-week low of $138.61 and a 52-week high of $307.72.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.30. The business had revenue of $733.70 million for the quarter, compared to analysts’ expectations of $741.18 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the firm posted $1.73 earnings per share. Analysts expect that Carpenter Technology will post 6.83 EPS for the current year.

Insider Activity

In related news, Director I Martin Inglis sold 5,691 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the transaction, the director directly owned 6,732 shares of the company’s stock, valued at approximately $1,646,243.28. The trade was a 45.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the transaction, the chief executive officer directly owned 535,019 shares in the company, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,124 shares of company stock valued at $6,890,250 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRS. GAMMA Investing LLC lifted its holdings in Carpenter Technology by 7.7% in the 1st quarter. GAMMA Investing LLC now owns 2,645 shares of the basic materials company’s stock worth $479,000 after purchasing an additional 188 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Carpenter Technology by 27.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company’s stock worth $2,890,000 after purchasing an additional 3,467 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Carpenter Technology by 2.9% in the 1st quarter. State of Alaska Department of Revenue now owns 5,850 shares of the basic materials company’s stock worth $1,059,000 after purchasing an additional 165 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in Carpenter Technology in the 1st quarter worth approximately $678,000. Finally, Bessemer Group Inc. lifted its holdings in Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 77 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.