Carpenter Technology (NYSE:CRS) Price Target Raised to $305.00

Carpenter Technology (NYSE:CRS - Get Free Report) had its price target hoisted by investment analysts at JPMorgan Chase & Co. from $245.00 to $305.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the basic materials company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 22.19% from the company's current price.

A number of other brokerages also recently commented on CRS. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Benchmark lifted their target price on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $244.75.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock opened at $249.61 on Tuesday. The business has a 50 day simple moving average of $214.37 and a two-hundred day simple moving average of $196.56. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The stock has a market capitalization of $12.43 billion, a P/E ratio of 47.10, a PEG ratio of 0.93 and a beta of 1.37. Carpenter Technology has a 12 month low of $95.17 and a 12 month high of $256.52.

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

Carpenter Technology declared that its Board of Directors has initiated a share repurchase program on Thursday, April 24th that permits the company to repurchase $400.00 million in 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 a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Anastasios John Hart sold 1,000 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of Carpenter Technology 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 completion of the transaction, the director now owns 6,732 shares in the company, valued at $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRS. Rhumbline Advisers increased its stake in shares of Carpenter Technology by 12.8% during the 4th quarter. Rhumbline Advisers now owns 166,362 shares of the basic materials company's stock worth $28,233,000 after purchasing an additional 18,820 shares in the last quarter. Allworth Financial LP lifted its position in shares of Carpenter Technology by 31,309.1% in the fourth quarter. Allworth Financial LP now owns 6,910 shares of the basic materials company's stock valued at $1,173,000 after acquiring an additional 6,888 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Carpenter Technology in the fourth quarter valued at $193,000. CIBC Asset Management Inc raised its stake in Carpenter Technology by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company's stock valued at $258,000 after purchasing an additional 78 shares during the last quarter. Finally, Kestra Investment Management LLC purchased a new position in Carpenter Technology in the 4th quarter valued at about $25,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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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