Zacks Investment Research lowered shares of Carpenter Technology (NYSE:CRS) from a strong-buy rating to a hold rating in a research note issued to investors 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. “
CRS has been the topic of several other reports. Cowen restated a hold rating and issued a $53.00 price objective on shares of Carpenter Technology in a report on Sunday, December 10th. KeyCorp reiterated a hold rating on shares of Carpenter Technology in a research note on Wednesday, October 11th. One investment 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. The stock currently has a consensus rating of Hold and a consensus target price of $50.80.
Carpenter Technology (NYSE CRS) traded up $1.71 during trading hours on Tuesday, hitting $54.09. 993,760 shares of the stock traded hands, compared to its average volume of 408,158. Carpenter Technology has a 52-week low of $34.24 and a 52-week high of $54.44. The stock has a market cap of $2,530.00, a price-to-earnings ratio of 33.60 and a beta of 2.08. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.98 and a current ratio of 2.91.
Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. The firm 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 firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) EPS. equities research analysts forecast that Carpenter Technology will post 2.27 EPS for the current year.
In related news, COO Joseph E. Haniford sold 11,448 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $49.09, for a total value of $561,982.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.51% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Riverhead Capital Management LLC boosted its holdings in shares of Carpenter Technology by 64.5% in the second quarter. Riverhead Capital Management LLC now owns 2,797 shares of the basic materials company’s stock valued at $105,000 after acquiring an additional 1,097 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of Carpenter Technology by 90.2% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,225 shares of the basic materials company’s stock valued at $154,000 after acquiring an additional 1,529 shares during the period. Turner Investments LLC acquired a new stake in shares of Carpenter Technology in the third quarter valued at approximately $192,000. Tocqueville Asset Management L.P. purchased a new stake in shares of Carpenter Technology during the third quarter worth approximately $214,000. Finally, Wrapmanager Inc. purchased a new stake in shares of Carpenter Technology during the third quarter worth approximately $216,000. 95.91% of the stock is owned by institutional investors and hedge funds.
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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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