BTIG Research Raises Carpenter Technology (NYSE:CRS) Price Target to $165.00

Carpenter Technology (NYSE:CRS) had its price target hoisted by BTIG Research from $120.00 to $165.00 in a research note published on Tuesday morning, MarketBeat.com reports. They currently have a buy rating on the basic materials company’s stock.

A number of other research firms also recently commented on CRS. TD Cowen raised their price objective on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a buy rating in a report on Monday, June 10th. Benchmark increased their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a buy rating in a research report on Friday, July 26th. Northcoast Research reaffirmed a sell rating and set a $89.00 price objective on shares of Carpenter Technology in a report on Friday, June 14th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Carpenter Technology in a report on Tuesday, June 25th. They issued a buy rating and a $144.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Carpenter Technology currently has a consensus rating of Moderate Buy and an average price target of $139.60.

Carpenter Technology Stock Down 1.3 %

CRS stock opened at $143.91 on Tuesday. Carpenter Technology has a twelve month low of $56.42 and a twelve month high of $148.94. The company has a quick ratio of 1.84, a current ratio of 3.41 and a debt-to-equity ratio of 0.43. The company has a market cap of $7.14 billion, a PE ratio of 54.72, a price-to-earnings-growth ratio of 0.84 and a beta of 1.44. The business’s 50-day simple moving average is $111.64 and its 200 day simple moving average is $88.08.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.31. The company had revenue of $798.70 million for the quarter, compared to analyst estimates of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. Carpenter Technology’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.78 EPS. On average, research analysts anticipate that Carpenter Technology will post 5.84 earnings per share for the current year.

Insider Transactions at Carpenter Technology

In related news, SVP James D. Dee sold 23,518 shares of Carpenter Technology stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total value of $2,616,612.68. Following the completion of the transaction, the senior vice president now directly owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP James D. Dee sold 23,518 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the sale, the senior vice president now directly owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Elizabeth A. Socci sold 802 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $102.11, for a total value of $81,892.22. Following the transaction, the vice president now directly owns 11,509 shares in the company, valued at approximately $1,175,183.99. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,678 shares of company stock valued at $3,144,023. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Carpenter Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bayberry Capital Partners LP acquired a new stake in shares of Carpenter Technology during the 1st quarter worth approximately $35,887,000. Hawk Ridge Capital Management LP raised its position in shares of Carpenter Technology by 199.1% during the 4th quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after acquiring an additional 458,227 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Carpenter Technology by 82.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after purchasing an additional 438,781 shares during the period. Hennessy Advisors Inc. bought a new position in shares of Carpenter Technology in the 4th quarter worth $27,407,000. Finally, Norges Bank acquired a new stake in shares of Carpenter Technology during the fourth quarter worth $22,901,000. 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.