Carpenter Technology (NYSE:CRS) released its earnings results on Thursday. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.06, Briefing.com reports. Carpenter Technology had a return on equity of 10.33% and a net margin of 7.02%. The firm had revenue of $641.40 million during the quarter, compared to analysts’ expectations of $637.84 million. During the same quarter last year, the business posted $0.87 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis.
NYSE CRS traded up $1.20 during trading on Friday, hitting $46.98. 322,688 shares of the stock traded hands, compared to its average volume of 235,008. The firm has a market capitalization of $2.17 billion, a P/E ratio of 13.58 and a beta of 2.42. The company has a 50-day moving average of $46.41. The company has a quick ratio of 0.87, a current ratio of 2.97 and a debt-to-equity ratio of 0.36. Carpenter Technology has a 12-month low of $32.77 and a 12-month high of $60.78.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRS. Investors Research Corp purchased a new position in Carpenter Technology during the 1st quarter valued at approximately $133,000. First Mercantile Trust Co. grew its holdings in Carpenter Technology by 52.0% during the 1st quarter. First Mercantile Trust Co. now owns 3,138 shares of the basic materials company’s stock valued at $144,000 after buying an additional 1,073 shares in the last quarter. SG Americas Securities LLC grew its holdings in Carpenter Technology by 16.7% during the 1st quarter. SG Americas Securities LLC now owns 3,592 shares of the basic materials company’s stock valued at $165,000 after buying an additional 515 shares in the last quarter. Park National Corp OH purchased a new position in Carpenter Technology during the 1st quarter valued at approximately $201,000. Finally, Campbell & CO Investment Adviser LLC purchased a new position in Carpenter Technology during the 2nd quarter valued at approximately $203,000. Institutional investors and hedge funds own 91.41% of the company’s stock.
Several analysts recently issued reports on CRS shares. ValuEngine upgraded Carpenter Technology from a “sell” rating to a “hold” rating in a research report on Friday. Zacks Investment Research upgraded Carpenter Technology from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Wednesday, June 19th. Finally, Longbow Research set a $59.00 target price on Carpenter Technology and gave the stock a “buy” rating in a research report on Friday, June 14th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $52.50.
About Carpenter Technology
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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