Carpenter Technology (NYSE:CRS) Now Covered by BTIG Research

Investment analysts at BTIG Research assumed coverage on shares of Carpenter Technology (NYSE:CRS) in a research note issued on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $120.00 price target on the basic materials company’s stock. BTIG Research’s target price indicates a potential upside of 12.15% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Northcoast Research reaffirmed a “sell” rating and issued a $89.00 price target on shares of Carpenter Technology in a research note on Friday, June 14th. TD Cowen raised their price target on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a report on Tuesday. They set a “buy” rating and a $144.00 target price on the stock. Finally, Benchmark reiterated a “buy” rating and set a $140.00 target price on shares of Carpenter Technology in a report on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $123.60.

Carpenter Technology Stock Performance

CRS opened at $107.00 on Wednesday. The firm has a market cap of $5.31 billion, a P/E ratio of 40.68 and a beta of 1.47. Carpenter Technology has a 1-year low of $51.94 and a 1-year high of $112.75. The company has a 50 day simple moving average of $101.54 and a two-hundred day simple moving average of $79.59. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. The firm had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. Carpenter Technology’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.38 earnings per share. Equities analysts forecast that Carpenter Technology will post 4.31 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total value of $3,117,670.00. Following the sale, the director now directly owns 244,126 shares in the company, valued at approximately $24,551,751.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Steven E. Karol sold 31,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the sale, the director now directly owns 244,126 shares in the company, valued at $24,551,751.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Elizabeth A. Socci sold 802 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $102.11, for a total value of $81,892.22. Following the completion of the transaction, the vice president now directly owns 11,509 shares of the company’s stock, valued at $1,175,183.99. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,678 shares of company stock valued at $6,261,693. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRS. Janney Montgomery Scott LLC increased its position in shares of Carpenter Technology by 91.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 25,408 shares of the basic materials company’s stock valued at $1,799,000 after buying an additional 12,129 shares in the last quarter. Harvest Investment Services LLC acquired a new stake in shares of Carpenter Technology during the fourth quarter valued at $826,000. Consolidated Portfolio Review Corp acquired a new stake in Carpenter Technology in the 4th quarter worth about $1,297,000. Phocas Financial Corp. acquired a new stake in Carpenter Technology in the 4th quarter worth about $3,396,000. Finally, Penserra Capital Management LLC boosted its stake in Carpenter Technology by 6,477.1% in the 3rd quarter. Penserra Capital Management LLC now owns 37,884 shares of the basic materials company’s stock worth $2,546,000 after buying an additional 37,308 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.