Carpenter Technology (NYSE:CRS) Stock Gets Price Target Trim from JPMorgan Chase & Co.

Key Points

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Carpenter Technology (NYSE:CRS - Get Free Report) had its price objective cut by JPMorgan Chase & Co. from $700.00 to $520.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the basic materials company's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 38.44% from the company's previous close.

Several other equities research analysts also recently weighed in on CRS. Weiss Ratings reiterated a "buy (b)" rating on shares of Carpenter Technology in a research note on Monday, August 31st. TD Cowen dropped their price target on Carpenter Technology from $650.00 to $500.00 and set a "buy" rating on the stock in a research report on Friday, October 9th. Susquehanna reduced their price objective on Carpenter Technology from $680.00 to $600.00 and set a "positive" rating for the company in a research note on Friday, July 31st. BTIG Research upped their price objective on Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Finally, Wall Street Zen cut Carpenter Technology from a "buy" rating to a "hold" rating in a research report on Saturday. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $504.38.

Carpenter Technology Stock Performance

CRS stock traded down $4.81 on Wednesday, hitting $375.61. The company's stock had a trading volume of 272,390 shares, compared to its average volume of 762,838. The firm has a 50 day moving average of $454.54 and a two-hundred day moving average of $481.33. Carpenter Technology has a 1 year low of $233.77 and a 1 year high of $625.98. The stock has a market cap of $18.62 billion, a price-to-earnings ratio of 35.71, a price-to-earnings-growth ratio of 1.33 and a beta of 1.29. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31.

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 for the quarter, topping analysts' consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm had revenue of $679.70 million during the quarter, compared to analysts' expectations of $863.33 million. During the same quarter in the prior year, the business earned $2.21 EPS. Carpenter Technology's quarterly revenue was up 12.6% compared to the same quarter last year. Equities analysts predict that Carpenter Technology will post 13.28 EPS for the current fiscal year.

Insider Activity

In other news, Director Ramin Younessi sold 438 shares of the business's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the transaction, the director directly owned 1,953 shares in the company, valued at $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Tony Thene sold 57,456 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly owned 439,631 shares of the company's stock, valued at $212,737,440.90. This represents a 11.56% decrease in their ownership of the stock. 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 quarter. 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. BlackRock Inc. purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth about $3,834,623,000. Jennison Associates LLC acquired a new stake in Carpenter Technology during the 1st quarter worth approximately $317,411,000. SurgoCap Partners LP acquired a new stake in Carpenter Technology during the 2nd quarter worth approximately $423,444,000. Bank of America Corp DE raised its holdings in Carpenter Technology by 101.9% in the first quarter. Bank of America Corp DE now owns 520,392 shares of the basic materials company's stock valued at $205,113,000 after buying an additional 262,701 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Carpenter Technology by 82.2% in the second quarter. Wellington Management Group LLP now owns 506,167 shares of the basic materials company's stock valued at $312,224,000 after buying an additional 228,290 shares during the period. Institutional investors and hedge funds 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.

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