KeyCorp Reiterates “Hold” Rating for Carpenter Technology Corporation (CRS)
Carpenter Technology Corporation (NYSE:CRS)‘s stock had its “hold” rating reaffirmed by analysts at KeyCorp in a research report issued to clients and investors on Wednesday.
Other research analysts have also issued reports about the company. Cowen and Company reiterated a “hold” rating and issued a $37.00 price objective on shares of Carpenter Technology Corporation in a research report on Monday, July 17th. Longbow Research upped their price target on Carpenter Technology Corporation from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. Zacks Investment Research upgraded Carpenter Technology Corporation from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Tuesday, July 18th. Finally, TheStreet upgraded Carpenter Technology Corporation from a “c+” rating to a “b” rating in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Carpenter Technology Corporation currently has an average rating of “Buy” and an average price target of $45.50.
Shares of Carpenter Technology Corporation (NYSE CRS) opened at 49.55 on Wednesday. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 50.05 and a beta of 2.10. The company’s 50 day moving average price is $44.14 and its 200-day moving average price is $39.21. Carpenter Technology Corporation has a 52 week low of $30.37 and a 52 week high of $50.84.
Carpenter Technology Corporation (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.08. The company had revenue of $507.70 million during the quarter, compared to analyst estimates of $502.40 million. Carpenter Technology Corporation had a return on equity of 4.48% and a net margin of 2.61%. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 earnings per share. Analysts anticipate that Carpenter Technology Corporation will post $2.27 earnings per share for the current fiscal year.
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In other news, Director Steven E. Karol sold 2,645 shares of the stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $40.50, for a total value of $107,122.50. Following the sale, the director now directly owns 230,418 shares in the company, valued at $9,331,929. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert R. Mcmaster sold 8,000 shares of the stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $40.44, for a total value of $323,520.00. Following the completion of the sale, the director now owns 9,200 shares in the company, valued at $372,048. The disclosure for this sale can be found here. Insiders have sold 26,522 shares of company stock worth $1,065,580 over the last 90 days. 4.51% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in CRS. Great West Life Assurance Co. Can raised its stake in shares of Carpenter Technology Corporation by 3.9% in the first quarter. Great West Life Assurance Co. Can now owns 28,640 shares of the basic materials company’s stock valued at $1,067,000 after acquiring an additional 1,085 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Carpenter Technology Corporation by 268.3% in the first quarter. First Trust Advisors LP now owns 37,651 shares of the basic materials company’s stock valued at $1,404,000 after acquiring an additional 27,429 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Carpenter Technology Corporation by 15.4% in the first quarter. UBS Asset Management Americas Inc. now owns 29,093 shares of the basic materials company’s stock valued at $1,085,000 after acquiring an additional 3,891 shares in the last quarter. Karp Capital Management Corp acquired a new stake in shares of Carpenter Technology Corporation in the first quarter valued at $762,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Carpenter Technology Corporation in the first quarter valued at $259,000. Institutional investors and hedge funds own 92.81% of the company’s stock.
About Carpenter Technology Corporation
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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