JPMorgan Chase & Co. Raises Carpenter Technology (NYSE:CRS) Price Target to $705.00

Key Points

• JPMorgan Chase & Co. raised its price target on Carpenter Technology from $470 to $705 and maintained an overweight rating, implying about 23.76% upside from the prior close.
• Other analysts have also turned more bullish, with TD Cowen and KeyCorp lifting their targets to $650 and $644, respectively. Overall, the stock has an average Moderate Buy rating and an average target price of $556.75.
• Carpenter Technology shares were up about 0.5% to $569.66, and the company recently beat EPS estimates in its latest quarter. However, revenue came in below expectations, even as revenue rose 11.6% year over year.

Carpenter Technology (NYSE:CRS - Get Free Report) had its price objective hoisted by research analysts at JPMorgan Chase & Co. from $470.00 to $705.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the basic materials company's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 23.76% from the stock's previous close.

Several other equities research analysts have also recently commented on CRS. TD Cowen boosted their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a "buy" rating in a research report on Monday. KeyCorp lifted their target price on Carpenter Technology from $459.00 to $644.00 and gave the company an "overweight" rating in a research report on Tuesday, June 30th. BTIG Research upped their target price on Carpenter Technology from $375.00 to $450.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Wells Fargo & Company increased their price target on Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. Finally, Weiss Ratings downgraded Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Carpenter Technology has an average rating of "Moderate Buy" and an average target price of $556.75.

Carpenter Technology Stock Up 0.5%

NYSE:CRS traded up $2.81 during trading hours on Tuesday, reaching $569.66. 23,445 shares of the stock were exchanged, compared to its average volume of 776,255. Carpenter Technology has a twelve month low of $228.00 and a twelve month high of $625.98. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The firm has a 50 day moving average of $515.33 and a 200 day moving average of $424.57. The stock has a market cap of $28.31 billion, a PE ratio of 60.07, a PEG ratio of 1.68 and a beta of 1.22.

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

Insider Buying and Selling

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the company's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the sale, the director owned 750 shares in the company, valued at $317,895. This represents a 50.00% decrease in their ownership of the stock. 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 Carpenter Technology stock in a transaction that occurred 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 transaction, the vice president owned 18,344 shares of the company's stock, valued at $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by insiders.

Hedge Funds 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. Jennison Associates LLC bought a new position in shares of Carpenter Technology in the first quarter valued at about $317,411,000. Sands Capital Management LLC bought a new stake in shares of Carpenter Technology during the 4th quarter worth about $195,731,000. Norges Bank acquired a new position in Carpenter Technology in the 4th quarter valued at about $195,254,000. TOMS Capital Investment Management LP acquired a new position in Carpenter Technology in the 2nd quarter valued at about $106,683,000. Finally, UBS Group AG raised its holdings in Carpenter Technology by 171.2% in the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company's stock valued at $190,951,000 after acquiring an additional 382,865 shares during the period. 92.03% of the stock is owned by institutional investors.

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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