Zacks Investment Research cut shares of Carpenter Technology (NYSE:CRS) from a strong-buy rating to a hold rating in a report issued on Tuesday, December 19th.
According to Zacks, “Carpenter Technology Corporation is a leading manufacturer and distributor of specialty alloys, including stainless steel and titanium, and various engineered products made from metallic and ceramic materials. These products have been used in planes, cars and trucks, electronic equipment, medical devices and instruments, industrial fittings, sporting goods, and oil and gas exploration and processing. Carpenter engineered materials have been used in hundreds of applications from industrial tools to jet engines to fuel injectors and medical implants. Its engineered materials are known for their dependability, strength, toughness, corrosion resistance, and the ability to stay intact in high temperatures. “
Several other brokerages also recently issued reports on CRS. Cowen reiterated a hold rating and issued a $37.00 target price on shares of Carpenter Technology in a research note on Thursday, October 19th. KeyCorp restated a hold rating on shares of Carpenter Technology in a research report on Thursday, November 16th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Carpenter Technology has a consensus rating of Hold and an average price target of $50.80.
Shares of Carpenter Technology (CRS) traded down $0.37 on Tuesday, reaching $53.72. 352,767 shares of the company’s stock were exchanged, compared to its average volume of 401,989. The stock has a market capitalization of $2,520.00, a PE ratio of 33.37 and a beta of 2.08. The company has a current ratio of 2.91, a quick ratio of 0.98 and a debt-to-equity ratio of 0.45. Carpenter Technology has a twelve month low of $34.24 and a twelve month high of $54.44.
Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, October 26th. The basic materials company reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.05. The business had revenue of $479.80 million for the quarter, compared to analysts’ expectations of $448.46 million. Carpenter Technology had a net margin of 4.88% and a return on equity of 7.66%. The business’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.08) earnings per share. sell-side analysts forecast that Carpenter Technology will post 2.27 EPS for the current fiscal year.
In other Carpenter Technology news, COO Joseph E. Haniford sold 11,448 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $49.09, for a total value of $561,982.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.51% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. New York State Common Retirement Fund increased its stake in shares of Carpenter Technology by 4.7% in the second quarter. New York State Common Retirement Fund now owns 51,000 shares of the basic materials company’s stock worth $1,909,000 after purchasing an additional 2,299 shares in the last quarter. Marshall Wace North America L.P. purchased a new stake in shares of Carpenter Technology in the second quarter worth $802,000. Frontier Capital Management Co. LLC increased its stake in shares of Carpenter Technology by 38.9% in the third quarter. Frontier Capital Management Co. LLC now owns 1,242,423 shares of the basic materials company’s stock worth $59,674,000 after purchasing an additional 347,965 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new stake in shares of Carpenter Technology in the third quarter worth $313,000. Finally, Paradigm Capital Management Inc. NY increased its stake in shares of Carpenter Technology by 23.5% in the second quarter. Paradigm Capital Management Inc. NY now owns 14,700 shares of the basic materials company’s stock worth $551,000 after purchasing an additional 2,800 shares in the last quarter. Institutional investors and hedge funds own 95.91% of the company’s stock.
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About Carpenter Technology
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.
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