Carpenter Technology (NYSE:CRS - Get Free Report) announced its quarterly earnings results on Thursday. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18, Briefing.com reports. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. During the same quarter in the previous year, the company earned $1.82 earnings per share. Carpenter Technology's quarterly revenue was down 5.4% on a year-over-year basis.
Carpenter Technology Stock Up 3.4%
Shares of Carpenter Technology stock traded up $8.48 during midday trading on Friday, hitting $257.87. The company had a trading volume of 1,944,894 shares, compared to its average volume of 851,062. Carpenter Technology has a 52-week low of $119.69 and a 52-week high of $290.84. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.89 and a current ratio of 3.65. The stock has a market capitalization of $12.84 billion, a P/E ratio of 34.75, a P/E/G ratio of 0.85 and a beta of 1.44. The company has a 50 day moving average of $262.86 and a 200 day moving average of $218.06.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, June 17th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, Benchmark raised their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th.
Check Out Our Latest Report on CRS
Insider Transactions at Carpenter Technology
In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.90% of the company's stock.
Hedge Funds Weigh In On Carpenter Technology
A number of hedge funds have recently bought and sold shares of the company. Woodline Partners LP purchased a new position in shares of Carpenter Technology in the first quarter worth $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Carpenter Technology by 1.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company's stock worth $18,985,000 after buying an additional 1,701 shares in the last quarter. Finally, Focus Partners Wealth raised its position in Carpenter Technology by 7.3% in the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company's stock worth $836,000 after buying an additional 314 shares during the last quarter. Institutional investors own 92.03% of the company's stock.
Carpenter Technology announced that its Board of Directors has approved a share repurchase program on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.
Carpenter Technology Company Profile
(
Get Free Report)
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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