Zacks Investment Research Upgrades Carpenter Technology (CRS) to Hold

Carpenter Technology (NYSE:CRS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.

According to Zacks, “Carpenter Technology Corporation is a leading manufacturer and distributor of specialty alloys, including stainless steel and titanium, and various engineered products made from metallic and ceramic materials. These products have been used in planes, cars and trucks, electronic equipment, medical devices and instruments, industrial fittings, sporting goods, and oil and gas exploration and processing. Carpenter engineered materials have been used in hundreds of applications from industrial tools to jet engines to fuel injectors and medical implants. Its engineered materials are known for their dependability, strength, toughness, corrosion resistance, and the ability to stay intact in high temperatures. “

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Separately, Deutsche Bank increased their target price on Carpenter Technology from $47.00 to $49.00 and gave the stock a “hold” rating in a research note on Wednesday, April 11th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Carpenter Technology currently has an average rating of “Hold” and a consensus price target of $53.25.

CRS opened at $50.05 on Monday. Carpenter Technology has a 12-month low of $34.24 and a 12-month high of $54.61. The company has a current ratio of 2.99, a quick ratio of 1.00 and a debt-to-equity ratio of 0.41. The stock has a market cap of $2,274.51, a P/E ratio of 46.34 and a beta of 2.02.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, February 1st. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.04. Carpenter Technology had a return on equity of 7.94% and a net margin of 8.30%. The firm had revenue of $487.80 million for the quarter, compared to analyst estimates of $482.20 million. During the same quarter in the prior year, the company earned $0.15 EPS. Carpenter Technology’s revenue was up 14.1% on a year-over-year basis. equities analysts forecast that Carpenter Technology will post 2.32 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of CRS. Kennedy Capital Management Inc. lifted its stake in Carpenter Technology by 466.4% during the 4th quarter. Kennedy Capital Management Inc. now owns 490,698 shares of the basic materials company’s stock worth $25,021,000 after acquiring an additional 404,070 shares in the last quarter. Granite Investment Partners LLC increased its holdings in Carpenter Technology by 69.1% during the 4th quarter. Granite Investment Partners LLC now owns 246,022 shares of the basic materials company’s stock worth $12,545,000 after purchasing an additional 100,524 shares during the period. Emerald Advisers Inc. PA increased its holdings in Carpenter Technology by 26.2% during the 4th quarter. Emerald Advisers Inc. PA now owns 477,978 shares of the basic materials company’s stock worth $24,372,000 after purchasing an additional 99,202 shares during the period. Deutsche Bank AG increased its holdings in Carpenter Technology by 36.8% during the 4th quarter. Deutsche Bank AG now owns 294,111 shares of the basic materials company’s stock worth $14,995,000 after purchasing an additional 79,159 shares during the period. Finally, James Investment Research Inc. purchased a new stake in Carpenter Technology during the 4th quarter worth about $2,990,000. 98.31% of the stock is currently owned by hedge funds and other institutional investors.

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About Carpenter Technology

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. It operates through 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.

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