Carpenter Technology (NYSE:CRS) PT Raised to $140.00 at Benchmark

Carpenter Technology (NYSE:CRS) had its target price hoisted by analysts at Benchmark from $100.00 to $140.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. Benchmark’s price target suggests a potential upside of 34.24% from the stock’s current price.

Several other equities analysts have also recently issued reports on CRS. Northcoast Research reiterated a “neutral” rating on shares of Carpenter Technology in a research report on Monday. TD Cowen lifted their target price on Carpenter Technology from $90.00 to $116.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $109.67.

Carpenter Technology Stock Performance

Shares of CRS traded up $1.75 during trading hours on Wednesday, reaching $104.29. 359,279 shares of the company’s stock traded hands, compared to its average volume of 539,486. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of 39.72 and a beta of 1.47. The business’s fifty day simple moving average is $75.58 and its two-hundred day simple moving average is $69.67. Carpenter Technology has a twelve month low of $44.40 and a twelve month high of $106.71. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The company had revenue of $684.90 million for the quarter, compared to the consensus estimate of $707.73 million. During the same period in the previous year, the firm earned $0.38 EPS. Carpenter Technology’s revenue was down .8% on a year-over-year basis. Analysts predict that Carpenter Technology will post 3.97 earnings per share for the current year.

Insider Buying and Selling

In other Carpenter Technology news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the sale, the director now owns 244,126 shares in the company, valued at approximately $24,551,751.82. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Carpenter Technology news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the sale, the director now directly owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Elizabeth A. Socci sold 802 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $102.11, for a total value of $81,892.22. Following the completion of the sale, the vice president now directly owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Institutional Trading of Carpenter Technology

A number of hedge funds have recently made changes to their positions in the stock. Cape Investment Advisory Inc. acquired a new position in Carpenter Technology in the 4th quarter worth about $29,000. Whittier Trust Co. bought a new stake in shares of Carpenter Technology in the 1st quarter valued at approximately $30,000. Johnson Financial Group Inc. acquired a new position in Carpenter Technology in the fourth quarter worth approximately $31,000. Westend Capital Management LLC acquired a new stake in Carpenter Technology in the first quarter valued at approximately $36,000. Finally, Fifth Third Bancorp grew its position in Carpenter Technology by 322.5% in the fourth quarter. Fifth Third Bancorp now owns 1,162 shares of the basic materials company’s stock worth $82,000 after acquiring an additional 887 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

About Carpenter Technology

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts.