Carpenter Technology (NYSE:CRS) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Carpenter Technology (NYSE:CRS) from a hold rating to a buy rating in a report published on Saturday,Wall Street Zen reports.

Other equities analysts have also recently issued research reports about the company. KeyCorp decreased their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. BTIG Research raised their target price on Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Wells Fargo & Company lifted their price target on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Finally, Susquehanna dropped their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Carpenter Technology has an average rating of “Buy” and an average price target of $577.25.

Carpenter Technology Stock Down 5.1%

CRS stock opened at $420.61 on Friday. The company has a market capitalization of $20.85 billion, a P/E ratio of 39.98, a price-to-earnings-growth ratio of 1.57 and a beta of 1.26. Carpenter Technology has a 12 month low of $228.00 and a 12 month high of $625.98. The firm’s fifty day simple moving average is $527.23 and its 200-day simple moving average is $480.74. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. During the same quarter last year, the company posted $2.21 earnings per share. The firm’s revenue was up 12.6% compared to the same quarter last year. As a group, equities research analysts forecast that Carpenter Technology will post 13.28 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is presently 7.60%.

Insiders Place Their Bets

In other news, Director Steven E. Karol sold 3,275 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the transaction, the director directly owned 177,000 shares of the company’s stock, valued at $83,912,160. This represents a 1.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Ramin Younessi sold 438 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the transaction, the director owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 112,996 shares of company stock worth $54,644,436. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Carpenter Technology

Several large investors have recently bought and sold shares of the company. Sequoia Financial Advisors LLC lifted its position in shares of Carpenter Technology by 36.4% in the second quarter. Sequoia Financial Advisors LLC now owns 3,632 shares of the basic materials company’s stock valued at $2,240,000 after acquiring an additional 969 shares in the last quarter. Engineers Gate Manager LP purchased a new position in Carpenter Technology in the 2nd quarter valued at $1,799,000. Pinnacle Wealth Management Advisory Group LLC purchased a new position in Carpenter Technology in the 2nd quarter valued at $329,000. Integrated Wealth Concepts LLC boosted its stake in Carpenter Technology by 23.6% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 8,339 shares of the basic materials company’s stock worth $5,144,000 after purchasing an additional 1,591 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Carpenter Technology by 89.0% during the second quarter. NewEdge Advisors LLC now owns 2,555 shares of the basic materials company’s stock worth $1,576,000 after buying an additional 1,203 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.