Carpenter Technology (NYSE:CRS) Given a $59.00 Price Target by Longbow Research Analysts

Carpenter Technology (NYSE:CRS) has been assigned a $59.00 price target by investment analysts at Longbow Research in a research report issued to clients and investors on Friday, TipRanks reports. The firm presently has a “buy” rating on the basic materials company’s stock. Longbow Research’s target price indicates a potential upside of 31.90% from the stock’s previous close.

Several other equities analysts have also commented on the stock. ValuEngine lowered shares of Carpenter Technology from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Zacks Investment Research lowered shares of Carpenter Technology from a “buy” rating to a “hold” rating in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $54.50.

Shares of Carpenter Technology stock opened at $44.73 on Friday. Carpenter Technology has a twelve month low of $32.77 and a twelve month high of $60.78. The company has a quick ratio of 0.87, a current ratio of 2.53 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 17.89 and a beta of 2.42.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.04. Carpenter Technology had a net margin of 6.83% and a return on equity of 9.93%. The business had revenue of $609.90 million during the quarter, compared to analysts’ expectations of $585.08 million. During the same quarter in the previous year, the company earned $0.63 EPS. The business’s revenue was up 6.6% on a year-over-year basis. As a group, equities research analysts expect that Carpenter Technology will post 3.24 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the business. Fifth Third Bancorp grew its holdings in Carpenter Technology by 64.2% during the 1st quarter. Fifth Third Bancorp now owns 826 shares of the basic materials company’s stock worth $38,000 after acquiring an additional 323 shares during the last quarter. NumerixS Investment Technologies Inc grew its holdings in Carpenter Technology by 900.0% during the 1st quarter. NumerixS Investment Technologies Inc now owns 1,000 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 900 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Carpenter Technology in the 1st quarter worth approximately $93,000. Investors Research Corp acquired a new position in shares of Carpenter Technology in the 1st quarter worth approximately $133,000. Finally, First Mercantile Trust Co. lifted its position in shares of Carpenter Technology by 52.0% in the 1st quarter. First Mercantile Trust Co. now owns 3,138 shares of the basic materials company’s stock worth $144,000 after purchasing an additional 1,073 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Company Profile

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.

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