Benchmark Raises Carpenter Technology (NYSE:CRS) Price Target to $300.00

Carpenter Technology (NYSE:CRS - Get Free Report) had its target price boosted by stock analysts at Benchmark from $250.00 to $300.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the basic materials company's stock. Benchmark's price target would suggest a potential upside of 20.59% from the company's current price.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $188.83.

Carpenter Technology Price Performance

CRS opened at $248.78 on Monday. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The company has a market cap of $12.38 billion, a price-to-earnings ratio of 46.94, a price-to-earnings-growth ratio of 0.93 and a beta of 1.37. The stock has a fifty day simple moving average of $203.76 and a two-hundred day simple moving average of $194.29. Carpenter Technology has a 12-month low of $95.17 and a 12-month high of $265.45.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The company had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same period last year, the business earned $1.19 EPS. Carpenter Technology's quarterly revenue was up 6.1% compared to the same quarter last year. Research analysts predict that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Insider Activity

In other news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the transaction, the director now owns 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.90% of the company's stock.

Institutional Trading of Carpenter Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kestra Investment Management LLC purchased a new stake in shares of Carpenter Technology in the 4th quarter worth $25,000. Rise Advisors LLC bought a new stake in Carpenter Technology during the first quarter valued at about $31,000. IMA Advisory Services Inc. purchased a new stake in Carpenter Technology in the first quarter worth about $36,000. Bessemer Group Inc. raised its stake in shares of Carpenter Technology by 50.3% in the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after buying an additional 77 shares during the period. Finally, Ameriflex Group Inc. purchased a new position in shares of Carpenter Technology during the 4th quarter valued at about $44,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.

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