Carpenter Technology (CRS) Lowered to Sell at Zacks Investment Research

Carpenter Technology (NYSE:CRS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

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 equities research analysts have also recently weighed in on the company. Deutsche Bank set a $50.00 target price on Carpenter Technology and gave the stock a “hold” rating in a research note on Thursday, October 25th. ValuEngine cut Carpenter Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. Carpenter Technology presently has an average rating of “Hold” and a consensus price target of $58.00.

NYSE CRS opened at $41.99 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.27 and a quick ratio of 1.23. Carpenter Technology has a fifty-two week low of $39.83 and a fifty-two week high of $61.49. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of 16.80 and a beta of 2.25.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, October 24th. The basic materials company reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.09). Carpenter Technology had a return on equity of 9.03% and a net margin of 8.74%. The business had revenue of $572.40 million for the quarter, compared to the consensus estimate of $559.00 million. During the same quarter in the previous year, the company earned $0.49 earnings per share. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. As a group, analysts predict that Carpenter Technology will post 3.17 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Captrust Financial Advisors lifted its stake in shares of Carpenter Technology by 476.1% in the 3rd quarter. Captrust Financial Advisors now owns 2,656 shares of the basic materials company’s stock valued at $157,000 after acquiring an additional 2,195 shares during the last quarter. Buckingham Asset Management LLC bought a new position in shares of Carpenter Technology in the 3rd quarter valued at $205,000. Jane Street Group LLC bought a new position in shares of Carpenter Technology in the 2nd quarter valued at $220,000. Crossmark Global Holdings Inc. bought a new position in shares of Carpenter Technology in the 2nd quarter valued at $222,000. Finally, D.A. Davidson & CO. bought a new position in shares of Carpenter Technology in the 3rd quarter valued at $223,000. Institutional investors own 94.06% of the company’s stock.

Carpenter Technology Company Profile

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

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