Carpenter Technology (NYSE:CRS) PT Raised to $116.00 at TD Cowen

Carpenter Technology (NYSE:CRS) had its target price boosted by investment analysts at TD Cowen from $90.00 to $116.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. TD Cowen’s price objective would indicate a potential upside of 11.93% from the company’s previous close.

Carpenter Technology Trading Up 3.7 %

NYSE CRS traded up $3.74 on Thursday, reaching $103.64. The stock had a trading volume of 892,810 shares, compared to its average volume of 700,732. Carpenter Technology has a 12-month low of $44.40 and a 12-month high of $104.85. The stock has a fifty day moving average price of $74.07 and a two-hundred day moving average price of $69.03. The firm has a market capitalization of $5.14 billion, a price-to-earnings ratio of 39.43 and a beta of 1.47. The company has a quick ratio of 1.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.46.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $707.73 million. During the same quarter in the previous year, the business earned $0.38 EPS. The company’s quarterly revenue was down .8% compared to the same quarter last year. As a group, sell-side analysts forecast that Carpenter Technology will post 3.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Carpenter Technology

Several institutional investors have recently modified their holdings of CRS. Cape Investment Advisory Inc. acquired a new position in shares of Carpenter Technology during the fourth quarter worth about $29,000. Whittier Trust Co. acquired a new position in Carpenter Technology during the 1st quarter worth approximately $30,000. Johnson Financial Group Inc. purchased a new stake in shares of Carpenter Technology in the 4th quarter valued at approximately $31,000. Westend Capital Management LLC acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at $36,000. Finally, Fifth Third Bancorp lifted its position in shares of Carpenter Technology by 322.5% during the 4th quarter. Fifth Third Bancorp now owns 1,162 shares of the basic materials company’s stock worth $82,000 after purchasing an additional 887 shares during the last quarter. Institutional investors and hedge funds 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.