Carpenter Technology (NYSE:CRS) Trading 7.4% Higher – Still a Buy?

Carpenter Technology Corporation (NYSE:CRS)’s stock price rose 7.4% during mid-day trading on Thursday . The company traded as high as $345.83 and last traded at $347.0250. Approximately 541,487 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 833,310 shares. The stock had previously closed at $323.00.

Analyst Upgrades and Downgrades

Several research firms have commented on CRS. JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. KeyCorp raised shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price on the stock in a report on Thursday, November 13th. TD Cowen increased their target price on Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, October 24th. BTIG Research lifted their price target on Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research report on Monday, October 27th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $371.14.

Carpenter Technology Price Performance

The firm has a market capitalization of $16.85 billion, a P/E ratio of 41.36, a PEG ratio of 1.34 and a beta of 1.29. The business’s 50-day simple moving average is $322.01 and its 200 day simple moving average is $282.10. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The firm had revenue of $733.70 million for the quarter, compared to analysts’ expectations of $741.18 million. During the same period last year, the firm earned $1.73 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. Sell-side analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, VP Elizabeth A. Socci sold 3,900 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the completion of the transaction, the vice president owned 9,594 shares of the company’s stock, valued at approximately $3,082,072.50. This trade represents a 28.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Brian J. Malloy sold 4,130 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the completion of the sale, the chief operating officer directly owned 78,875 shares in the company, valued at $23,940,140. This represents a 4.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 79,358 shares of company stock worth $24,254,008 over the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Carpenter Technology

Institutional investors have recently added to or reduced their stakes in the business. Prudential Financial Inc. raised its position in Carpenter Technology by 43.3% in the second quarter. Prudential Financial Inc. now owns 56,082 shares of the basic materials company’s stock worth $15,500,000 after acquiring an additional 16,954 shares during the period. Schroder Investment Management Group grew its position in shares of Carpenter Technology by 11.1% during the 2nd quarter. Schroder Investment Management Group now owns 57,625 shares of the basic materials company’s stock valued at $15,926,000 after acquiring an additional 5,757 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Carpenter Technology in the 2nd quarter worth $1,460,000. Whitaker Myers Wealth Managers LTD. bought a new position in Carpenter Technology in the 3rd quarter worth $797,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Carpenter Technology by 15.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 550,055 shares of the basic materials company’s stock worth $138,328,000 after purchasing an additional 71,872 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.