Carpenter Technology (NYSE:CRS) Given New $245.00 Price Target at JPMorgan Chase & Co.

Carpenter Technology (NYSE:CRS - Get Free Report) had its price objective boosted by JPMorgan Chase & Co. from $240.00 to $245.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the basic materials company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 20.98% from the stock's current price.

A number of other analysts have also recently commented on CRS. BTIG Research set a $230.00 price objective on Carpenter Technology in a research report on Friday, January 31st. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Carpenter Technology has an average rating of "Moderate Buy" and a consensus price target of $168.00.

Carpenter Technology Stock Performance

Carpenter Technology stock traded up $6.90 during mid-day trading on Monday, reaching $202.51. 1,347,439 shares of the stock traded hands, compared to its average volume of 749,266. The stock has a market capitalization of $10.12 billion, a PE ratio of 38.21, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. Carpenter Technology has a 12-month low of $95.17 and a 12-month high of $213.66. The business's 50-day moving average is $183.00 and its 200-day moving average is $182.67.

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

Carpenter Technology declared that its board has authorized a share repurchase program on Thursday, April 24th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the business's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director now directly owns 6,732 shares in the company, valued at approximately $1,330,647.12. The trade was a 33.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.90% of the company's stock.

Institutional Investors Weigh In On Carpenter Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC raised its position in Carpenter Technology by 23.0% during the first quarter. CWM LLC now owns 2,130 shares of the basic materials company's stock valued at $386,000 after purchasing an additional 398 shares during the period. Louisiana State Employees Retirement System raised its position in Carpenter Technology by 1.4% during the first quarter. Louisiana State Employees Retirement System now owns 14,000 shares of the basic materials company's stock valued at $2,537,000 after purchasing an additional 200 shares during the period. Xponance Inc. raised its position in Carpenter Technology by 3.0% during the first quarter. Xponance Inc. now owns 7,048 shares of the basic materials company's stock valued at $1,277,000 after purchasing an additional 202 shares during the period. State of Michigan Retirement System raised its position in Carpenter Technology by 1.7% during the first quarter. State of Michigan Retirement System now owns 12,000 shares of the basic materials company's stock valued at $2,174,000 after purchasing an additional 200 shares during the period. Finally, Pelham Capital Ltd. raised its position in Carpenter Technology by 17.8% during the first quarter. Pelham Capital Ltd. now owns 50,604 shares of the basic materials company's stock valued at $9,168,000 after purchasing an additional 7,644 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.