Wells Fargo & Company Cuts Carpenter Technology (NYSE:CRS) Price Target to $430.00

by · The Cerbat Gem

Carpenter Technology (NYSE:CRS – Free Report) had its target price reduced by Wells Fargo & Company from $540.00 to $430.00 in a report published on Wednesday,Benzinga reports. They currently have an equal weight rating on the basic materials company’s stock.

A number of other equities research analysts have also issued reports on the company. Susquehanna decreased their price target on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. KeyCorp reduced their target price on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. JPMorgan Chase & Co. decreased their target price on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Finally, Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 12th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $563.50.

Read Our Latest Analysis on CRS

Carpenter Technology Stock Performance

Carpenter Technology stock opened at $389.34 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. Carpenter Technology has a 1-year low of $233.77 and a 1-year high of $625.98. The firm has a market capitalization of $19.30 billion, a P/E ratio of 37.01, a price-to-earnings-growth ratio of 1.36 and a beta of 1.29. The company’s 50-day moving average is $476.41 and its 200 day moving average is $480.39.

Carpenter Technology (NYSE:CRS – Get Free Report) last announced its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.14. The business had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.21 earnings per share. Research analysts forecast that Carpenter Technology will post 13.28 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date was Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

Insiders Place Their Bets

In other news, CEO Tony R. Thene sold 57,456 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the transaction, the chief executive officer owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. This represents a 11.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ramin Younessi sold 438 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the transaction, the director owned 1,953 shares in the company, valued at approximately $963,121.95. This represents a 18.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 112,996 shares of company stock worth $54,644,436 in the last ninety days. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Polaris Financial Partners bought a new position in shares of Carpenter Technology during the third quarter valued at approximately $258,000. QRG Capital Management Inc. purchased a new stake in Carpenter Technology during the second quarter worth $302,000. Envestnet Portfolio Solutions Inc. purchased a new stake in Carpenter Technology during the second quarter worth $210,000. SkyView Investment Advisors LLC purchased a new stake in Carpenter Technology during the second quarter worth $247,000. Finally, Sequoia Financial Advisors LLC boosted its position in Carpenter Technology by 36.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,632 shares of the basic materials company’s stock valued at $2,240,000 after acquiring an additional 969 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

About Carpenter Technology

(Get Free Report)

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.

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