Carlisle Companies (NYSE:CSL) Shares Gap Down After Earnings Miss

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Carlisle Companies Incorporated (NYSE:CSL - Get Free Report)'s share price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $410.57, but opened at $372.80. Carlisle Companies shares last traded at $371.28, with a volume of 229,583 shares changing hands.

The conglomerate reported $6.27 EPS for the quarter, missing the consensus estimate of $6.67 by ($0.40). The business had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.50 billion. Carlisle Companies had a net margin of 25.24% and a return on equity of 35.93%. The firm's quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the firm earned $6.24 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CSL. Wall Street Zen upgraded Carlisle Companies from a "sell" rating to a "hold" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. assumed coverage on Carlisle Companies in a research note on Tuesday, June 24th. They set an "overweight" rating and a $500.00 target price for the company. Loop Capital downgraded Carlisle Companies from a "buy" rating to a "hold" rating and set a $395.00 target price for the company. in a report on Thursday. Zelman & Associates raised Carlisle Companies from an "underperform" rating to a "neutral" rating in a report on Monday, April 14th. Finally, Truist Financial reduced their target price on Carlisle Companies from $420.00 to $390.00 and set a "hold" rating for the company in a report on Thursday, April 24th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $450.83.

Institutional Trading of Carlisle Companies

Several institutional investors and hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd boosted its stake in shares of Carlisle Companies by 527.3% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 69 shares of the conglomerate's stock worth $26,000 after purchasing an additional 58 shares during the period. First Citizens Bank & Trust Co. lifted its holdings in Carlisle Companies by 132.4% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 2,924 shares of the conglomerate's stock valued at $1,092,000 after buying an additional 1,666 shares in the last quarter. Tributary Capital Management LLC lifted its holdings in Carlisle Companies by 3.9% during the 2nd quarter. Tributary Capital Management LLC now owns 3,614 shares of the conglomerate's stock valued at $1,349,000 after buying an additional 135 shares in the last quarter. Ethic Inc. raised its holdings in shares of Carlisle Companies by 3.0% in the 2nd quarter. Ethic Inc. now owns 4,473 shares of the conglomerate's stock valued at $1,674,000 after purchasing an additional 132 shares in the last quarter. Finally, Birch Hill Investment Advisors LLC raised its holdings in shares of Carlisle Companies by 3.8% in the 2nd quarter. Birch Hill Investment Advisors LLC now owns 50,717 shares of the conglomerate's stock valued at $18,938,000 after purchasing an additional 1,853 shares in the last quarter. 89.52% of the stock is currently owned by institutional investors.

Carlisle Companies Stock Performance

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.69 and a current ratio of 2.58. The firm has a market cap of $15.59 billion, a P/E ratio of 13.45, a price-to-earnings-growth ratio of 1.27 and a beta of 1.03. The firm's fifty day moving average price is $389.89 and its 200 day moving average price is $371.42.

Carlisle Companies Company Profile

Carlisle Companies Incorporated operates as a manufacturer and supplier of building envelope products and solutions in the United States, Europe, North America, Asia and the Middle East, Africa, and internationally. It operates through two segments: Carlisle Construction Materials and Carlisle Weatherproofing Technologies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.