Carpenter Technology (NYSE:CRS) Stock Price Expected to Rise, KeyCorp Analyst Says

Key Points

• KeyCorp raised its price target on Carpenter Technology from $459 to $644 and kept an overweight rating, implying modest upside from the prior close.
• The stock has drawn broad analyst support, with 8 Buy ratings and 2 Hold ratings overall; the average target price across analysts is $481.75.
• Carpenter Technology recently beat quarterly EPS expectations at $2.77 per share, though revenue came in below estimates; the stock was also trading near its 52-week high after a 1.9% gain.

Carpenter Technology (NYSE:CRS - Get Free Report) had its price objective raised by equities researchers at KeyCorp from $459.00 to $644.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the basic materials company's stock. KeyCorp's target price points to a potential upside of 4.13% from the stock's previous close.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $465.00 to $470.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Susquehanna raised their price target on Carpenter Technology from $470.00 to $495.00 and gave the stock a "positive" rating in a research report on Thursday, April 30th. BTIG Research lifted their price objective on Carpenter Technology from $375.00 to $450.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. TD Cowen lifted their price objective on Carpenter Technology from $450.00 to $470.00 and gave the stock a "buy" rating in a research note on Friday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $481.75.

Carpenter Technology Trading Up 1.9%

Carpenter Technology stock traded up $11.43 during trading hours on Tuesday, reaching $618.46. 102,688 shares of the company's stock traded hands, compared to its average volume of 788,431. The firm has a market capitalization of $30.73 billion, a price-to-earnings ratio of 65.08, a PEG ratio of 2.04 and a beta of 1.25. 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 $618.90. The firm's 50 day moving average is $482.35 and its 200-day moving average is $405.32.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company had revenue of $655.60 million during the quarter, compared to analysts' expectations of $797.00 million. During the same quarter in the previous year, the company earned $1.88 EPS. Carpenter Technology's revenue was up 11.6% on a year-over-year basis. On average, analysts predict that Carpenter Technology will post 10.56 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Meeder Advisory Services Inc. lifted its position in Carpenter Technology by 3.7% during the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock worth $280,000 after buying an additional 32 shares in the last quarter. Abel Hall LLC grew its holdings in shares of Carpenter Technology by 3.2% in the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company's stock valued at $321,000 after acquiring an additional 32 shares in the last quarter. Brown Miller Wealth Management LLC increased its position in shares of Carpenter Technology by 2.4% in the fourth quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company's stock valued at $444,000 after acquiring an additional 33 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its position in shares of 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 acquiring an additional 34 shares during the last quarter. Finally, Essential Partners LLC increased its position in shares of Carpenter Technology by 9.9% in the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company's stock valued at $149,000 after acquiring an additional 34 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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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