Carpenter Technology (NYSE:CRS) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Carpenter Technology (NYSE:CRS) had its target price hoisted by equities researchers at JPMorgan Chase & Co. from $240.00 to $245.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 24.22% from the stock’s previous close.

CRS has been the topic of several other research reports. Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research report on Friday, January 31st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average price target of $168.00.

Carpenter Technology Stock Down 0.9 %

CRS opened at $197.23 on Monday. The firm has a market cap of $9.85 billion, a P/E ratio of 37.21, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The business has a 50 day moving average price of $182.95 and a 200 day moving average price of $182.27. Carpenter Technology has a twelve month low of $82.46 and a twelve month high of $213.66.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.14. The business had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. Carpenter Technology’s revenue was up 6.1% compared to the same quarter last year. During the same period last year, the business posted $1.19 EPS. Research analysts forecast that Carpenter Technology will post 6.83 EPS for the current year.

Carpenter Technology declared that its board has approved a stock buyback program on Thursday, April 24th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Carpenter Technology

A number of large investors have recently bought and sold shares of CRS. Kestra Investment Management LLC acquired a new stake in shares of Carpenter Technology in the 4th quarter valued at $25,000. Bessemer Group Inc. boosted its position in Carpenter Technology by 50.3% in the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock valued at $42,000 after buying an additional 77 shares in the last quarter. Ameriflex Group Inc. bought a new stake in Carpenter Technology during the fourth quarter worth about $44,000. CIBC Private Wealth Group LLC increased its holdings in shares of Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company’s stock worth $45,000 after buying an additional 127 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 191 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

About Carpenter Technology

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.