Carpenter Technology (NYSE:CRS) Releases Quarterly Earnings Results, Beats Estimates By $0.31 EPS

Carpenter Technology (NYSE:CRS) posted its earnings results on Thursday. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31, Briefing.com reports. The firm had revenue of $798.70 million for the quarter, compared to analyst estimates of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. Carpenter Technology’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 EPS.

Carpenter Technology Stock Up 4.5 %

Carpenter Technology stock traded up $6.02 during midday trading on Friday, hitting $140.78. 977,629 shares of the stock were exchanged, compared to its average volume of 879,183. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.45. The company has a 50 day moving average price of $109.68 and a two-hundred day moving average price of $86.33. The firm has a market cap of $6.98 billion, a P/E ratio of 53.53 and a beta of 1.44. Carpenter Technology has a 1 year low of $56.42 and a 1 year high of $144.40.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRS. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price on the stock. TD Cowen raised their target price on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. BTIG Research started coverage on shares of Carpenter Technology in a research report on Wednesday, June 26th. They set a “buy” rating and a $120.00 price target for the company. Northcoast Research reaffirmed a “sell” rating and set a $89.00 price target on shares of Carpenter Technology in a research note on Friday, June 14th. Finally, Benchmark boosted their price objective on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average target price of $130.60.

Insider Activity

In related news, VP Elizabeth A. Socci sold 802 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $102.11, for a total value of $81,892.22. Following the transaction, the vice president now owns 11,509 shares in the company, valued at $1,175,183.99. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, VP Elizabeth A. Socci sold 802 shares of the firm’s stock in a transaction that occurred on 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 $1,175,183.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Marshall D. Akins sold 4,358 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $102.23, for a total transaction of $445,518.34. Following the completion of the sale, the vice president now directly owns 23,014 shares in the company, valued at $2,352,721.22. The disclosure for this sale can be found here. Insiders sold 59,678 shares of company stock worth $6,261,693 over the last ninety days. Corporate insiders own 3.40% of the company’s stock.

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.