Benchmark Raises Carpenter Technology (NYSE:CRS) Price Target to $175.00

Carpenter Technology (NYSE:CRS) had its target price boosted by equities researchers at Benchmark from $140.00 to $175.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Benchmark’s price objective points to a potential upside of 23.95% from the stock’s current price.

CRS has been the topic of several other reports. Northcoast Research reaffirmed a “sell” rating and issued a $89.00 price target on shares of Carpenter Technology in a research note on Friday, June 14th. BTIG Research initiated coverage on shares of Carpenter Technology in a research report on Wednesday, June 26th. They issued a “buy” rating and a $120.00 target price on the stock. TD Cowen lifted their price target on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Carpenter Technology in a research note on Tuesday, June 25th. They set a “buy” rating and a $144.00 price objective on the stock. 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. According to MarketBeat, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $130.60.

Carpenter Technology Trading Up 4.8 %

Shares of NYSE:CRS traded up $6.43 on Friday, hitting $141.19. The company had a trading volume of 459,484 shares, compared to its average volume of 603,609. Carpenter Technology has a 1 year low of $56.42 and a 1 year high of $144.40. The company has a quick ratio of 1.45, a current ratio of 3.20 and a debt-to-equity ratio of 0.46. The firm’s 50-day simple moving average is $109.06 and its two-hundred day simple moving average is $85.82. The firm has a market capitalization of $7.00 billion, a price-to-earnings ratio of 53.27 and a beta of 1.44.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.52 by $0.30. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The business had revenue of $798.70 million during the quarter, compared to analyst estimates of $763.76 million. During the same period last year, the business posted $0.78 earnings per share. Carpenter Technology’s quarterly revenue was up 5.4% compared to the same quarter last year. Equities analysts anticipate that Carpenter Technology will post 4.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $100.57, for a total value of $3,117,670.00. Following the completion of the transaction, the director now directly owns 244,126 shares in the company, valued at approximately $24,551,751.82. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Steven E. Karol sold 31,000 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the sale, the director now directly owns 244,126 shares of the company’s stock, valued at $24,551,751.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP James D. Dee sold 23,518 shares of the business’s 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 approximately $9,434,625.48. The disclosure for this sale can be found here. Insiders have sold a total of 59,678 shares of company stock worth $6,261,693 in the last quarter. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Carpenter Technology

Several large investors have recently modified their holdings of the company. Cape Investment Advisory Inc. purchased a new stake in Carpenter Technology during the fourth quarter valued at approximately $29,000. Whittier Trust Co. purchased a new stake in shares of Carpenter Technology in the 1st quarter worth $30,000. Johnson Financial Group Inc. bought a new position in Carpenter Technology in the 4th quarter worth $31,000. Westend Capital Management LLC purchased a new position in Carpenter Technology during the first quarter valued at $36,000. Finally, Covestor Ltd grew its holdings in Carpenter Technology by 469.2% during the first quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock valued at $59,000 after purchasing an additional 685 shares during the period. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Company Profile

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.