Carpenter Technology (CRS) Cut to “Hold” at Zacks Investment Research

Carpenter Technology (NYSE:CRS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.

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 research analysts have also weighed in on the stock. Cowen reissued a “buy” rating and set a $66.00 price objective on shares of Carpenter Technology in a research note on Friday, June 1st. Longbow Research lowered shares of Carpenter Technology from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research note on Monday, June 25th. Finally, ValuEngine downgraded shares of Carpenter Technology from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Carpenter Technology presently has a consensus rating of “Hold” and a consensus target price of $57.75.

Carpenter Technology stock traded down $1.02 during midday trading on Friday, hitting $56.79. 116,500 shares of the stock were exchanged, compared to its average volume of 363,543. Carpenter Technology has a 52 week low of $38.38 and a 52 week high of $61.49. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of 22.72 and a beta of 2.06. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.24 and a quick ratio of 1.35.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, August 2nd. The basic materials company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.13. Carpenter Technology had a net margin of 8.74% and a return on equity of 8.86%. The business had revenue of $618.00 million for the quarter, compared to analyst estimates of $574.60 million. During the same quarter last year, the firm earned $0.58 EPS. Carpenter Technology’s quarterly revenue was up 21.7% compared to the same quarter last year. analysts predict that Carpenter Technology will post 3.58 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in CRS. Arizona State Retirement System raised its holdings in shares of Carpenter Technology by 2.8% in the second quarter. Arizona State Retirement System now owns 32,582 shares of the basic materials company’s stock valued at $1,713,000 after purchasing an additional 884 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Carpenter Technology by 42.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,483 shares of the basic materials company’s stock valued at $154,000 after purchasing an additional 1,042 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Carpenter Technology by 1.7% in the first quarter. Legal & General Group Plc now owns 63,529 shares of the basic materials company’s stock valued at $2,803,000 after purchasing an additional 1,051 shares during the last quarter. Mutual of America Capital Management LLC raised its holdings in shares of Carpenter Technology by 3.2% in the second quarter. Mutual of America Capital Management LLC now owns 40,231 shares of the basic materials company’s stock valued at $2,115,000 after purchasing an additional 1,266 shares during the last quarter. Finally, Citigroup Inc. raised its holdings in shares of Carpenter Technology by 153.9% in the first quarter. Citigroup Inc. now owns 2,511 shares of the basic materials company’s stock valued at $110,000 after purchasing an additional 1,522 shares during the last quarter. Hedge funds and other institutional investors own 94.92% of the company’s stock.

About Carpenter Technology

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

Further Reading: Leveraged Buyout (LBO)

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