Carpenter Technology’s (CRS) “Buy” Rating Reaffirmed at Benchmark

Carpenter Technology (NYSE:CRS)‘s stock had its “buy” rating restated by analysts at Benchmark in a research note issued on Friday, Benzinga reports. They currently have a $175.00 price target on the basic materials company’s stock. Benchmark’s target price would indicate a potential upside of 13.34% from the company’s previous close.

Separately, BTIG Research upped their target price on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average price target of $139.60.

Carpenter Technology Price Performance

Shares of NYSE:CRS traded up $0.03 during trading on Friday, reaching $154.40. The stock had a trading volume of 65,660 shares, compared to its average volume of 583,593. The business has a fifty day moving average price of $150.10 and a 200-day moving average price of $122.67. Carpenter Technology has a 1-year low of $58.87 and a 1-year high of $166.51. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.84 and a current ratio of 3.41. The stock has a market cap of $7.66 billion, a PE ratio of 58.69, a PEG ratio of 0.83 and a beta of 1.45.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.16. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. During the same quarter last year, the business posted $0.88 earnings per share. The firm’s revenue was up 10.1% compared to the same quarter last year. On average, equities analysts forecast that Carpenter Technology will post 6.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wolf Hill Capital Management LP acquired a new position in Carpenter Technology during the 2nd quarter worth $73,850,000. Bayberry Capital Partners LP acquired a new position in Carpenter Technology in the first quarter worth about $35,887,000. American Century Companies Inc. increased its holdings in Carpenter Technology by 129.5% in the second quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock valued at $93,044,000 after buying an additional 479,047 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Carpenter Technology by 1,538.1% during the third quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock valued at $34,053,000 after buying an additional 200,364 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Carpenter Technology in the 2nd quarter worth approximately $13,248,000. Institutional investors and hedge funds 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.