Carpenter Technology (NYSE:CRS) Coverage Initiated at JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of Carpenter Technology (NYSE:CRS) in a research note issued on Friday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $220.00 price target on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 15.20% from the company’s previous close.

A number of other equities analysts also recently weighed in on the company. BTIG Research boosted their target price on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Benchmark restated a “buy” rating and issued a $175.00 price objective on shares of Carpenter Technology in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $153.00.

Carpenter Technology Stock Up 5.7 %

CRS stock opened at $190.97 on Friday. The firm has a market capitalization of $9.52 billion, a PE ratio of 42.53, a P/E/G ratio of 0.92 and a beta of 1.46. The company has a quick ratio of 2.00, a current ratio of 3.84 and a debt-to-equity ratio of 0.42. Carpenter Technology has a twelve month low of $58.87 and a twelve month high of $192.34. The stock’s 50 day moving average is $162.86 and its 200-day moving average is $135.60.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The firm had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. During the same period in the previous year, the firm earned $0.88 EPS. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. Sell-side analysts expect that Carpenter Technology will post 6.61 EPS for the current fiscal year.

Institutional Investors Weigh In On Carpenter Technology

Large investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System increased its stake in shares of Carpenter Technology by 22.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 16,792 shares of the basic materials company’s stock worth $1,199,000 after purchasing an additional 3,030 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Carpenter Technology by 0.3% during the first quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock worth $406,096,000 after acquiring an additional 15,564 shares in the last quarter. Covestor Ltd grew its holdings in Carpenter Technology by 469.2% during the 1st quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock valued at $59,000 after buying an additional 685 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Carpenter Technology by 17.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 49,698 shares of the basic materials company’s stock valued at $3,551,000 after buying an additional 7,562 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Carpenter Technology by 26.8% in the first quarter. Advisors Asset Management Inc. now owns 21,015 shares of the basic materials company’s stock worth $1,501,000 after buying an additional 4,438 shares in the last quarter. Hedge funds and other 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.