Carpenter Technology (NYSE:CRS) Sets New 1-Year High at $124.78

Carpenter Technology Co. (NYSE:CRS)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $124.78 and last traded at $124.38, with a volume of 677354 shares changing hands. The stock had previously closed at $120.64.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. BTIG Research started coverage on shares of Carpenter Technology in a report on Wednesday, June 26th. They issued a “buy” rating and a $120.00 price target for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Carpenter Technology in a research note on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price objective for the company. TD Cowen boosted their price objective on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Northcoast Research reaffirmed a “sell” rating and set a $89.00 price target on shares of Carpenter Technology in a research report on Friday, June 14th. Finally, Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Carpenter Technology in a research report on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $123.60.

Carpenter Technology Stock Performance

The business’s 50-day simple moving average is $109.06 and its two-hundred day simple moving average is $85.82. The firm has a market cap of $6.68 billion, a price-to-earnings ratio of 51.18 and a beta of 1.44. The company has a quick ratio of 1.45, a current ratio of 3.20 and a debt-to-equity ratio of 0.46.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.25. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The firm had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. During the same quarter in the prior year, the firm earned $0.38 EPS. The company’s revenue for the quarter was down .8% on a year-over-year basis. As a group, sell-side analysts expect that Carpenter Technology Co. will post 4.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP James D. Dee sold 23,518 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the completion of the transaction, the senior vice president now owns 84,798 shares in the company, valued at approximately $9,434,625.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Carpenter Technology news, SVP James D. Dee sold 23,518 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total value of $2,616,612.68. Following the completion of the sale, the senior vice president now owns 84,798 shares in the company, valued at approximately $9,434,625.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $102.11, for a total transaction of $81,892.22. Following the completion of the sale, the vice president now 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 sold a total of 59,678 shares of company stock worth $6,261,693 in the last 90 days. Insiders own 3.40% of the company’s stock.

Institutional Trading of Carpenter Technology

Hedge funds have recently made changes to their positions in the company. Cape Investment Advisory Inc. purchased a new stake in shares of Carpenter Technology in the 4th quarter valued at approximately $29,000. Whittier Trust Co. purchased a new stake in shares of Carpenter Technology in the 1st quarter valued at approximately $30,000. Johnson Financial Group Inc. purchased a new stake in shares of Carpenter Technology in the 4th quarter valued at approximately $31,000. Westend Capital Management LLC purchased a new stake in shares of Carpenter Technology in the 1st quarter valued at approximately $36,000. Finally, Covestor Ltd grew its stake in shares of Carpenter Technology by 469.2% in the 1st quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock valued at $59,000 after buying an additional 685 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Company Profile

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.