Carpenter Technology (NYSE:CRS) Now Covered by Analysts at Jones Trading

Key Points

• Analysts at Jones Trading have initiated coverage on Carpenter Technology with a "buy" rating and set a price target of $400.00, indicating a potential upside of approximately 63.83% from its current price.
• Carpenter Technology's stock currently has a consensus rating of "Moderate Buy" from analysts, with six analysts rating it as a buy and two as a hold.
• The company reported a quarterly earnings of $2.21 EPS, slightly exceeding analysts' expectations, though its revenue has declined by 5.4% year-over-year.

Research analysts at Jones Trading started coverage on shares of Carpenter Technology (NYSE:CRS - Get Free Report) in a research report issued on Wednesday,Benzinga reports. The brokerage set a "buy" rating and a $400.00 price target on the basic materials company's stock. Jones Trading's price objective indicates a potential upside of 63.83% from the stock's current price.

A number of other equities research analysts have also commented on the stock. Weiss Ratings restated a "buy (b+)" rating on shares of Carpenter Technology in a report on Wednesday, October 8th. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Finally, Zacks Research lowered shares of Carpenter Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Carpenter Technology presently has an average rating of "Moderate Buy" and a consensus price target of $308.75.

Carpenter Technology Trading Down 1.9%

Shares of CRS traded down $4.85 during trading hours on Wednesday, reaching $244.15. The stock had a trading volume of 476,057 shares, compared to its average volume of 901,861. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. Carpenter Technology has a 52 week low of $138.61 and a 52 week high of $290.84. The firm has a 50-day moving average of $243.76 and a 200 day moving average of $238.78. The company has a market cap of $12.17 billion, a P/E ratio of 32.90, a P/E/G ratio of 1.10 and a beta of 1.46.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business had revenue of $755.60 million during the quarter, compared to analysts' expectations of $790.73 million. During the same quarter in the prior year, the company earned $1.82 EPS. The firm's quarterly revenue was down 5.4% on a year-over-year basis. On average, sell-side analysts expect that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Insider Activity at Carpenter Technology

In related news, CEO Tony R. Thene sold 19,000 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the transaction, the chief executive officer owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of the firm's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total transaction of $843,762.74. Following the completion of the transaction, the director directly owned 180,000 shares of the company's stock, valued at approximately $44,240,400. This trade represents a 1.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,124 shares of company stock valued at $6,890,250. Corporate insiders own 2.90% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. bought a new position in shares of Carpenter Technology in the 2nd quarter valued at about $28,000. Headlands Technologies LLC bought a new position in shares of Carpenter Technology in the 2nd quarter valued at about $43,000. Rakuten Securities Inc. bought a new position in shares of Carpenter Technology in the 2nd quarter valued at about $45,000. Rise Advisors LLC bought a new stake in shares of Carpenter Technology during the 1st quarter worth about $31,000. Finally, IMA Advisory Services Inc. bought a new stake in shares of Carpenter Technology during the 1st quarter worth about $36,000. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Company Profile

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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