Carpenter Technology (NYSE:CRS) Stock Price Target Cut by Wells Fargo & Company

Carpenter Technology (NYSE:CRS) had its price objective decreased by investment analysts at Wells Fargo & Company from $540.00 to $430.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 11.14% from the company’s previous close.

Several other research firms also recently issued reports on CRS. TD Cowen upped their price objective on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Susquehanna reduced their price target on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. KeyCorp dropped their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. BTIG Research raised their price target on Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 12th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $563.50.

Carpenter Technology Stock Down 1.2%

Shares of CRS stock traded down $4.85 on Wednesday, reaching $386.89. 129,086 shares of the company’s stock traded hands, compared to its average volume of 764,928. The company has a market capitalization of $19.17 billion, a P/E ratio of 36.76, a price-to-earnings-growth ratio of 1.36 and a beta of 1.26. Carpenter Technology has a 12-month low of $233.77 and a 12-month high of $625.98. The business’s 50 day moving average price is $489.04 and its two-hundred day moving average price is $480.81. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. During the same period in the prior year, the business posted $2.21 earnings per share. The business’s revenue was up 12.6% compared to the same quarter last year. On average, equities analysts forecast that Carpenter Technology will post 13.28 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Tony Thene sold 57,456 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the sale, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ramin Younessi sold 438 shares of the business’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director owned 1,953 shares in the company, valued at $963,121.95. This represents a 18.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 112,996 shares of company stock worth $54,644,436. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

A number of large investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. purchased a new position in Carpenter Technology during the 2nd quarter valued at approximately $302,000. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Carpenter Technology during the 2nd quarter valued at about $210,000. SkyView Investment Advisors LLC acquired a new stake in Carpenter Technology in the 2nd quarter valued at $247,000. Sequoia Financial Advisors LLC boosted its stake in Carpenter Technology by 36.4% during the second quarter. Sequoia Financial Advisors LLC now owns 3,632 shares of the basic materials company’s stock worth $2,240,000 after buying an additional 969 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new position in shares of Carpenter Technology in the 2nd quarter worth approximately $1,799,000. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Company Profile

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.