Carpenter Technology (NYSE:CRS) Hits New 12-Month High at $112.94

Shares of Carpenter Technology Co. (NYSE:CRS) reached a new 52-week high on Friday . The stock traded as high as $112.94 and last traded at $111.02, with a volume of 68710 shares traded. The stock had previously closed at $109.48.

Wall Street Analysts Forecast Growth

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

Carpenter Technology Stock Performance

The company has a market cap of $5.51 billion, a P/E ratio of 42.19 and a beta of 1.44. The company’s fifty day moving average is $106.08 and its 200 day moving average is $82.65. The company has a current ratio of 3.20, a quick ratio of 1.45 and a debt-to-equity ratio of 0.46.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The firm had revenue of $684.90 million for the quarter, compared to analysts’ expectations of $707.73 million. During the same period last year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was down .8% compared to the same quarter last year. As a group, equities analysts predict that Carpenter Technology Co. will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP James D. Dee sold 23,518 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the completion of the sale, the senior vice president now owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other 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 directly owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 31,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the completion of the sale, the director now directly owns 244,126 shares in the company, valued at $24,551,751.82. The disclosure for this sale can be found here. Insiders have sold a total of 59,678 shares of company stock worth $6,261,693 in the last ninety days. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Carpenter Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC boosted its holdings in Carpenter Technology by 91.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 25,408 shares of the basic materials company’s stock valued at $1,799,000 after acquiring an additional 12,129 shares in the last quarter. Harvest Investment Services LLC bought a new stake in shares of Carpenter Technology during the 4th quarter valued at about $826,000. Phocas Financial Corp. purchased a new position in shares of Carpenter Technology during the fourth quarter valued at about $3,396,000. Consolidated Portfolio Review Corp bought a new position in Carpenter Technology in the fourth quarter worth about $1,297,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Carpenter Technology by 82.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock worth $68,833,000 after buying an additional 438,781 shares during the period. 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.