Northcoast Research Upgrades Carpenter Technology (NYSE:CRS) to “Neutral”

Carpenter Technology (NYSE:CRS) was upgraded by equities researchers at Northcoast Research from a “sell” rating to a “neutral” rating in a research note issued to investors on Wednesday, Marketbeat reports.

CRS has been the subject of a number of other reports. BTIG Research set a $230.00 price objective on Carpenter Technology in a research report on Friday, January 31st. JPMorgan Chase & Co. boosted their price target on shares of Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and an average price target of $167.17.

Carpenter Technology Price Performance

Shares of CRS stock opened at $167.52 on Wednesday. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of 31.61, a PEG ratio of 0.93 and a beta of 1.28. The firm’s 50 day moving average is $185.92 and its 200-day moving average is $180.28. Carpenter Technology has a 1 year low of $74.21 and a 1 year high of $213.66.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. Sell-side analysts forecast that Carpenter Technology will post 6.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Carpenter Technology

Hedge funds have recently bought and sold shares of the company. FMR LLC lifted its holdings in shares of Carpenter Technology by 28.3% during the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock valued at $754,295,000 after purchasing an additional 979,313 shares in the last quarter. SurgoCap Partners LP lifted its stake in Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock valued at $244,734,000 after buying an additional 779,357 shares in the last quarter. Norges Bank acquired a new position in shares of Carpenter Technology in the fourth quarter valued at approximately $100,505,000. Allspring Global Investments Holdings LLC increased its position in shares of Carpenter Technology by 428.4% during the fourth 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, GAMMA Investing LLC raised its holdings in shares of Carpenter Technology by 19,404.3% during the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company’s stock worth $86,825,000 after acquiring an additional 476,764 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.