Carpenter Technology (CRS) Downgraded by Zacks Investment Research to Sell

Carpenter Technology (NYSE:CRS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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. “

Several other brokerages have also issued reports on CRS. Cowen reiterated a “hold” rating and issued a $37.00 target price on shares of Carpenter Technology in a research report on Thursday, October 19th. KeyCorp reiterated a “hold” rating on shares of Carpenter Technology in a research report on Thursday, November 16th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $50.80.

Shares of Carpenter Technology (CRS) traded down $1.05 during trading hours on Monday, reaching $50.99. 217,100 shares of the company traded hands, compared to its average volume of 346,264. Carpenter Technology has a one year low of $34.24 and a one year high of $53.61. The stock has a market capitalization of $2,387.18, a price-to-earnings ratio of 31.48 and a beta of 2.08. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.91 and a quick ratio of 0.98.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 26th. The basic materials company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.05. Carpenter Technology had a net margin of 4.06% and a return on equity of 6.67%. The company had revenue of $479.80 million during the quarter, compared to analyst estimates of $448.46 million. During the same period in the previous year, the business earned ($0.08) earnings per share. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. equities analysts predict that Carpenter Technology will post 2.27 earnings per share for the current fiscal year.

In other Carpenter Technology news, COO Joseph E. Haniford sold 11,448 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $49.09, for a total transaction of $561,982.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.51% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Amalgamated Bank raised its stake in shares of Carpenter Technology by 1.2% during the second quarter. Amalgamated Bank now owns 6,581 shares of the basic materials company’s stock valued at $246,000 after acquiring an additional 78 shares during the last quarter. Federated Investors Inc. PA raised its stake in shares of Carpenter Technology by 1.4% during the second quarter. Federated Investors Inc. PA now owns 13,259 shares of the basic materials company’s stock valued at $496,000 after acquiring an additional 187 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Carpenter Technology by 1.5% during the second quarter. Arizona State Retirement System now owns 19,700 shares of the basic materials company’s stock valued at $737,000 after acquiring an additional 300 shares during the last quarter. Macquarie Group Ltd. raised its stake in shares of Carpenter Technology by 0.8% during the second quarter. Macquarie Group Ltd. now owns 40,881 shares of the basic materials company’s stock valued at $1,530,000 after acquiring an additional 311 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Carpenter Technology by 7.1% during the second quarter. Public Employees Retirement System of Ohio now owns 5,614 shares of the basic materials company’s stock valued at $210,000 after acquiring an additional 370 shares during the last quarter. Institutional investors and hedge funds own 95.90% of the company’s stock.

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About Carpenter Technology

Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.

Analyst Recommendations for Carpenter Technology (NYSE:CRS)

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