JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Carpenter Technology (NYSE:CRS) Stock

Carpenter Technology (NYSE:CRSGet Free Report) had its target price upped by research analysts at JPMorgan Chase & Co. from $235.00 to $240.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 15.28% from the company’s previous close.

Separately, Benchmark reiterated a “buy” rating and issued a $175.00 price objective on shares of Carpenter Technology in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and an average price target of $156.33.

Read Our Latest Stock Analysis on CRS

Carpenter Technology Price Performance

CRS stock opened at $208.19 on Wednesday. The firm has a market cap of $10.40 billion, a P/E ratio of 39.28, a price-to-earnings-growth ratio of 0.96 and a beta of 1.54. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. Carpenter Technology has a 1 year low of $62.99 and a 1 year high of $213.65. The stock has a 50-day simple moving average of $188.45 and a 200-day simple moving average of $169.70.

Carpenter Technology (NYSE:CRSGet Free Report) last issued its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. On average, equities analysts predict that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Carpenter Technology

Several hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC lifted its position in shares of Carpenter Technology by 47.1% during the third quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock worth $552,992,000 after purchasing an additional 1,108,963 shares during the last quarter. SurgoCap Partners LP lifted its holdings in Carpenter Technology by 117.6% during the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock worth $244,734,000 after buying an additional 779,357 shares during the last quarter. Norges Bank acquired a new position in shares of Carpenter Technology in the 4th quarter worth approximately $100,505,000. Allspring Global Investments Holdings LLC grew its position in shares of Carpenter Technology by 428.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock worth $103,714,000 after acquiring an additional 479,985 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new stake in shares of Carpenter Technology in the 4th quarter valued at approximately $69,285,000. Institutional investors own 92.03% of the company’s stock.

About Carpenter Technology

(Get Free Report)

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.

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Analyst Recommendations for Carpenter Technology (NYSE:CRS)

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