Wells Fargo & Company Increases Carpenter Technology (NYSE:CRS) Price Target to $540.00

Key Points

• Wells Fargo raised Carpenter Technology’s price target to $540 from $425 while maintaining an “equal weight” rating, implying roughly 2.5% downside from the stock’s current price.
• Analyst sentiment remains broadly positive: Carpenter Technology has a consensus “Buy” rating and an average price target of $577.25, with recent targets ranging from $500 to $700.
• The company exceeded quarterly earnings expectations, reporting $3.23 in EPS versus $3.09 expected, while revenue rose 12.6% year over year to $679.7 million, below analyst estimates of $863.3 million.

Carpenter Technology (NYSE:CRS - Get Free Report) had its price target increased by equities researchers at Wells Fargo & Company from $425.00 to $540.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the basic materials company's stock. Wells Fargo & Company's target price suggests a potential downside of 2.51% from the stock's current price.

Other research analysts also recently issued research reports about the stock. TD Cowen raised their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Susquehanna lowered their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating for the company in a research report on Friday. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $500.00 price objective on shares of Carpenter Technology in a research note on Thursday, April 30th. JPMorgan Chase & Co. reduced their price objective on shares of Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating for the company in a research note on Friday. Finally, Zacks Research raised shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $577.25.

Carpenter Technology Price Performance

CRS opened at $553.89 on Tuesday. Carpenter Technology has a 12-month low of $228.00 and a 12-month high of $625.98. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The business's fifty day simple moving average is $555.13 and its 200-day simple moving average is $449.28. The company has a market capitalization of $27.52 billion, a price-to-earnings ratio of 52.34, a PEG ratio of 1.46 and a beta of 1.25.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same quarter last year, the firm posted $2.21 earnings per share. The business's revenue for the quarter was up 12.6% on a year-over-year basis. On average, equities research analysts anticipate that Carpenter Technology will post 12.86 earnings per share for the current fiscal year.

Institutional Trading of Carpenter Technology

Several hedge funds have recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Carpenter Technology during the 1st quarter worth approximately $30,000. SJS Investment Consulting Inc. boosted its stake in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after acquiring an additional 36 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its holdings in Carpenter Technology by 1,228.6% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 93 shares of the basic materials company's stock worth $57,000 after purchasing an additional 86 shares during the last quarter. Geneos Wealth Management Inc. purchased a new position in Carpenter Technology in the second quarter worth $28,000. Finally, Hollencrest Capital Management acquired a new position in shares of Carpenter Technology during the first quarter worth $52,000. 92.03% of the stock is owned by hedge funds and other 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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