Carpenter Technology (NYSE:CRS) Price Target Raised to $140.00 at Benchmark

Carpenter Technology (NYSE:CRS - Get Free Report) had its target price raised by research analysts at Benchmark from $100.00 to $140.00 in a report released on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the basic materials company's stock. Benchmark's price objective would suggest a potential upside of 35.23% from the stock's current price.

Several other equities research analysts have also recently weighed in on CRS. Northcoast Research reissued a "neutral" rating on shares of Carpenter Technology in a research report on Monday. TD Cowen lifted their price objective on Carpenter Technology from $90.00 to $116.00 and gave the company a "buy" rating in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $109.67.

Carpenter Technology Price Performance

Shares of CRS traded up $0.99 during midday trading on Wednesday, reaching $103.53. The stock had a trading volume of 761,978 shares, compared to its average volume of 544,091. The firm's 50 day moving average price is $75.58 and its 200-day moving average price is $69.67. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45. The company has a market capitalization of $5.14 billion, a P/E ratio of 39.65 and a beta of 1.47. Carpenter Technology has a 52 week low of $44.40 and a 52 week high of $106.71.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.94 by $0.25. The company had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The company's revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 earnings per share. On average, analysts forecast that Carpenter Technology will post 3.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $102.11, for a total transaction of $81,892.22. Following the completion of the transaction, the vice president now directly owns 11,509 shares in the company, valued at approximately $1,175,183.99. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Carpenter Technology news, Director Steven E. Karol sold 31,000 shares of the company's stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the sale, the director now owns 244,126 shares in the company, valued at $24,551,751.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $102.11, for a total value of $81,892.22. Following the completion of the sale, the vice president now owns 11,509 shares in the company, valued at approximately $1,175,183.99. The disclosure for this sale can be found here. Insiders own 3.40% of the company's stock.

Hedge Funds Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently modified their holdings of CRS. Cape Investment Advisory Inc. acquired a new position in Carpenter Technology in the 4th quarter valued at $29,000. Whittier Trust Co. acquired a new stake in Carpenter Technology during the first quarter worth about $30,000. Johnson Financial Group Inc. acquired a new stake in shares of Carpenter Technology in the 4th quarter valued at $31,000. Westend Capital Management LLC acquired a new position in shares of Carpenter Technology during the 1st quarter worth $36,000. Finally, Fifth Third Bancorp boosted its stake in shares of Carpenter Technology by 322.5% in the 4th quarter. Fifth Third Bancorp now owns 1,162 shares of the basic materials company's stock valued at $82,000 after purchasing an additional 887 shares in the last quarter. 92.03% of the stock is currently 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.