Carpenter Technology (NYSE:CRS) Given New $620.00 Price Target at BTIG Research

Key Points

• BTIG Research raised Carpenter Technology’s price target to $620 from $450 and maintained a “buy” rating, implying 23.56% upside from the cited $501.80 share price.
• Analyst sentiment remains positive, with the stock holding an average “Buy” rating and a consensus price target of $578; targets from other firms range as high as $680.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding the $3.09 consensus estimate, while revenue rose 12.6% year over year to $679.7 million.

Carpenter Technology (NYSE:CRS - Get Free Report) had its target price hoisted by stock analysts at BTIG Research from $450.00 to $620.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the basic materials company's stock. BTIG Research's target price indicates a potential upside of 23.56% from the company's current price.

A number of other equities analysts have also commented on CRS. Wells Fargo & Company increased their price target on Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research note on Monday, May 4th. KeyCorp upped their price objective on Carpenter Technology from $459.00 to $644.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. Susquehanna raised their target price on shares of Carpenter Technology from $495.00 to $680.00 and gave the company a "positive" rating in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. Finally, TD Cowen upped their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $578.00.

Carpenter Technology Price Performance

NYSE CRS opened at $501.80 on Friday. The business's fifty day moving average is $551.23 and its 200 day moving average is $446.32. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. Carpenter Technology has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The company has a market capitalization of $24.93 billion, a PE ratio of 52.82, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted 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. The business had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company's revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.21 earnings per share. Sell-side analysts predict that Carpenter Technology will post 10.58 earnings per share for the current year.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director directly owned 750 shares of the company's stock, valued at $317,895. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the sale, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by insiders.

Institutional Trading of Carpenter Technology

A number of hedge funds have recently added to or reduced their stakes in CRS. Wealthcare Advisory Partners LLC lifted its stake in Carpenter Technology by 1.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company's stock worth $708,000 after acquiring an additional 19 shares during the last quarter. Meeder Advisory Services Inc. boosted its stake in Carpenter Technology by 3.7% in the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock valued at $280,000 after acquiring an additional 32 shares in the last quarter. Abel Hall LLC increased its position in shares of Carpenter Technology by 3.2% during the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company's stock worth $321,000 after purchasing an additional 32 shares in the last quarter. Brown Miller Wealth Management LLC boosted its position in shares of Carpenter Technology by 2.4% in the 4th quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company's stock valued at $444,000 after purchasing an additional 33 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC lifted its stake in Carpenter Technology by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company's stock valued at $3,509,000 after buying an additional 34 shares during the last quarter. 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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