Carpenter Technology (NYSE:CRS) Rating Increased to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Carpenter Technology to “buy” from “hold.” The broader analyst consensus is also “Buy,” with an average price target of $577.25.
• Carpenter Technology exceeded quarterly EPS expectations, reporting $3.23 versus the $3.09 consensus estimate, while revenue increased 12.6% year over year to $679.7 million.
• Insiders sold 112,996 shares worth approximately $54.6 million over the past 90 days, while institutional investors hold 92.03% of the company’s stock.

Carpenter Technology (NYSE:CRS - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday, Wall Street Zen reports.

Several other analysts have also weighed in on the company. BTIG Research upped their price objective on Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a report on Friday, July 31st. TD Cowen boosted their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Weiss Ratings reiterated a "buy (b)" rating on shares of Carpenter Technology in a research report on Monday, August 31st. Wells Fargo & Company upped their price target on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a report on Tuesday, August 4th. Finally, KeyCorp reduced their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $577.25.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $442.99 on Friday. Carpenter Technology has a 12 month low of $228.00 and a 12 month high of $625.98. The stock has a market cap of $21.95 billion, a price-to-earnings ratio of 42.11, a PEG ratio of 1.59 and a beta of 1.26. The stock's 50 day moving average price is $531.19 and its 200 day moving average price is $479.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $863.33 million. During the same period last year, the company posted $2.21 EPS. The firm's quarterly revenue was up 12.6% on a year-over-year basis. Equities research analysts anticipate that Carpenter Technology will post 13.28 earnings per share for the current fiscal year.

Insider Transactions at Carpenter Technology

In related news, Director Steven E. Karol sold 3,275 shares of the company's stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $474.08, for a total value of $1,552,612.00. Following the completion of the sale, the director owned 177,000 shares in the company, valued at approximately $83,912,160. This represents a 1.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ramin Younessi sold 438 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the transaction, the director directly owned 1,953 shares of the company's stock, 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. Insiders have sold a total of 112,996 shares of company stock valued at $54,644,436 over the last ninety days. Corporate insiders own 2.90% of the company's stock.

Hedge Funds Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRS. Geneos Wealth Management Inc. acquired a new stake in shares of Carpenter Technology in the second quarter worth $28,000. Keating Financial Advisory Services Inc. acquired a new position in Carpenter Technology during the second quarter valued at $29,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Carpenter Technology during the first quarter valued at $30,000. SJS Investment Consulting Inc. lifted its stake in Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock worth $32,000 after acquiring an additional 36 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Carpenter Technology in the 2nd quarter worth about $43,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Company Profile

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.

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