TD Cowen Cuts Carpenter Technology (NYSE:CRS) Price Target to $500.00

Key Points

• TD Cowen lowered Carpenter Technology’s price target from $650 to $500 while maintaining a “buy” rating, implying 28.04% upside from the prior close. The stock has a consensus “Moderate Buy” rating and an average target of $526.88.
• Carpenter Technology shares rose 0.9% to $390.50, but remain below their 50-day and 200-day moving averages. The company’s latest quarterly earnings of $3.23 per share exceeded estimates, while revenue increased 12.6% year over year.
• Insiders sold $54.6 million of company stock over the past 90 days, including substantial sales by the CEO and a director. Institutional investors own 92.03% of the company’s shares.

Carpenter Technology (NYSE:CRS - Get Free Report) had its price target decreased by analysts at TD Cowen from $650.00 to $500.00 in a report released on Friday, Benzinga reports. The firm presently has a "buy" rating on the basic materials company's stock. TD Cowen's price target suggests a potential upside of 28.04% from the stock's previous close.

CRS has been the topic of several other reports. Wells Fargo & Company dropped their price objective on shares of Carpenter Technology from $540.00 to $430.00 and set an "equal weight" rating on the stock in a research report on Wednesday, September 30th. Susquehanna reduced their target price on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a report on Friday, July 31st. KeyCorp decreased their price target on shares of Carpenter Technology from $608.00 to $465.00 and set an "overweight" rating on the stock in a research note on Thursday. Wall Street Zen raised shares of Carpenter Technology from a "hold" rating to a "buy" rating in a research note on Saturday, September 12th. Finally, JPMorgan Chase & Co. cut their price target on Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $526.88.

Carpenter Technology Trading Up 0.9%

CRS traded up $3.40 on Friday, reaching $390.50. 94,618 shares of the company's stock were exchanged, compared to its average volume of 764,173. The company has a market cap of $19.35 billion, a price-to-earnings ratio of 37.14, a PEG ratio of 1.38 and a beta of 1.29. The company's 50 day moving average is $464.33 and its 200-day moving average is $481.56. 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 has a twelve month low of $233.77 and a twelve month high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping 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 company had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. During the same quarter in the previous year, the business earned $2.21 EPS. The company's quarterly revenue was up 12.6% compared to the same quarter last year. Equities analysts predict that Carpenter Technology will post 13.28 earnings per share for the current year.

Insider Transactions at Carpenter Technology

In other news, Director Steven E. Karol sold 3,275 shares of the firm's stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $474.08, for a total value of $1,552,612.00. Following the transaction, the director owned 177,000 shares in the company, valued at $83,912,160. This trade represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of Carpenter Technology stock in a transaction 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 sale, 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. In the last 90 days, insiders have sold 112,996 shares of company stock valued at $54,644,436. 2.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CoreCap Advisors LLC lifted its position in shares of Carpenter Technology by 49.0% during the 3rd quarter. CoreCap Advisors LLC now owns 1,131 shares of the basic materials company's stock valued at $440,000 after acquiring an additional 372 shares during the last quarter. Apella Capital LLC increased its position in shares of Carpenter Technology by 64.8% during the third quarter. Apella Capital LLC now owns 2,391 shares of the basic materials company's stock worth $935,000 after buying an additional 940 shares during the period. Congress Asset Management Co. lifted its stake in shares of Carpenter Technology by 1.9% in the third quarter. Congress Asset Management Co. now owns 82,280 shares of the basic materials company's stock valued at $31,992,000 after buying an additional 1,501 shares in the last quarter. Bright Rock Capital Management LLC bought a new position in Carpenter Technology during the third quarter valued at about $1,750,000. Finally, Argent Capital Management LLC raised its position in shares of Carpenter Technology by 32.0% in the 3rd quarter. Argent Capital Management LLC now owns 739 shares of the basic materials company's stock worth $287,000 after purchasing an additional 179 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

About Carpenter Technology

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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