Wells Fargo & Company Begins Coverage on Carpenter Technology (NYSE:CRS)

Equities researchers at Wells Fargo & Company started coverage on shares of Carpenter Technology (NYSE:CRS) in a research note issued to investors on Wednesday. The firm set an “equal weight” rating and a $400.00 price target on the basic materials company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 1.46% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Susquehanna initiated coverage on Carpenter Technology in a research report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 target price on the stock. BTIG Research lifted their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Finally, KeyCorp initiated coverage on shares of Carpenter Technology in a report on Wednesday, March 25th. They set an “overweight” rating and a $380.00 price objective for the company. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average price target of $387.11.

Carpenter Technology Stock Up 6.4%

Shares of NYSE CRS opened at $394.26 on Wednesday. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The firm has a market cap of $19.64 billion, a PE ratio of 45.79, a P/E/G ratio of 1.45 and a beta of 1.22. The company’s fifty day simple moving average is $372.28 and its 200 day simple moving average is $324.17. Carpenter Technology has a 12-month low of $138.61 and a 12-month high of $412.31.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.13. The firm had revenue of $728.00 million for the quarter, compared to analyst estimates of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.66 earnings per share. As a group, sell-side analysts forecast that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares of the company’s stock, valued at $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP James D. Dee sold 15,800 shares of the company’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president directly owned 73,739 shares of the company’s stock, valued at $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 22,300 shares of company stock valued at $8,664,044 over the last three months. 2.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Carpenter Technology

Several hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new position in shares of Carpenter Technology in the 2nd quarter worth approximately $28,000. Armstrong Advisory Group Inc. lifted its holdings in Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares during the period. Root Financial Partners LLC purchased a new position in Carpenter Technology in the third quarter worth $41,000. MassMutual Private Wealth & Trust FSB boosted its position in Carpenter Technology by 54.1% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 60 shares during the last quarter. Finally, Spire Wealth Management grew its stake in Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 84 shares during the period. 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.