Carpenter Technology (NYSE:CRS) Price Target Raised to $245.00

Carpenter Technology (NYSE:CRS) had its target price lifted by equities researchers at JPMorgan Chase & Co. from $240.00 to $245.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 23.49% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. BTIG Research set a $230.00 price objective on Carpenter Technology in a report on Friday, January 31st. Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $168.00.

Carpenter Technology Trading Down 0.3 %

Shares of Carpenter Technology stock traded down $0.60 during trading on Monday, hitting $198.40. 127,140 shares of the company were exchanged, compared to its average volume of 865,084. The firm has a market capitalization of $9.91 billion, a P/E ratio of 37.43, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28. The firm’s fifty day moving average price is $183.39 and its 200 day moving average price is $181.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. Carpenter Technology has a 1-year low of $82.46 and a 1-year high of $213.66.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.74 by $0.14. The firm had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. As a group, sell-side analysts expect that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology announced that its Board of Directors has approved a share buyback program on Thursday, April 24th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Kestra Investment Management LLC acquired a new position in shares of Carpenter Technology during the 4th quarter worth about $25,000. Bessemer Group Inc. boosted its position in Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 77 shares during the last quarter. Ameriflex Group Inc. bought a new position in Carpenter Technology in the fourth quarter valued at approximately $44,000. CIBC Private Wealth Group LLC increased its position in shares of Carpenter Technology by 109.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company’s stock worth $45,000 after purchasing an additional 127 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Carpenter Technology by 169.0% during the 4th quarter. UMB Bank n.a. now owns 304 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 191 shares in the last quarter. 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.