Carpenter Technology (NYSE:CRS) Issues Quarterly Earnings Results, Beats Expectations By $0.31 EPS

Carpenter Technology (NYSE:CRS) posted its earnings results on Thursday. The basic materials company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.31, Briefing.com reports. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The firm had revenue of $798.70 million during the quarter, compared to the consensus estimate of $763.76 million. During the same quarter last year, the firm earned $0.78 EPS. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis.

Carpenter Technology Trading Up 4.5 %

NYSE CRS opened at $140.78 on Friday. Carpenter Technology has a one year low of $56.42 and a one year high of $144.40. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.45 and a current ratio of 3.41. The firm’s fifty day moving average is $109.68 and its two-hundred day moving average is $86.33. The firm has a market cap of $6.98 billion, a PE ratio of 53.53 and a beta of 1.44.

Insider Transactions at Carpenter Technology

In other news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the transaction, the director now directly owns 244,126 shares in the company, valued at $24,551,751.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the transaction, the director now directly owns 244,126 shares in the company, valued at $24,551,751.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Marshall D. Akins sold 4,358 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $102.23, for a total transaction of $445,518.34. Following the transaction, the vice president now owns 23,014 shares in the company, valued at $2,352,721.22. 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 over the last ninety days. 3.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on CRS shares. Northcoast Research reissued a “sell” rating and issued a $89.00 price target on shares of Carpenter Technology in a research report on Friday, June 14th. BTIG Research started coverage on shares of Carpenter Technology in a research report on Wednesday, June 26th. They issued a “buy” rating and a $120.00 price target for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of Carpenter Technology in a research report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price target for the company. TD Cowen raised 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, Benchmark raised their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $130.60.

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.