Zacks Investment Research Lowers Carpenter Technology (CRS) to Sell

Zacks Investment Research lowered shares of Carpenter Technology (NYSE:CRS) from a hold rating to a sell rating in a report issued on Wednesday.

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. “

Other equities research analysts have also issued research reports about the stock. Cowen reissued a buy rating and set a $53.00 price objective on shares of Carpenter Technology in a research note on Thursday, December 6th. Longbow Research raised shares of Carpenter Technology from a neutral rating to a buy rating and set a $55.00 price target for the company in a report on Tuesday, December 11th. ValuEngine lowered shares of Carpenter Technology from a hold rating to a sell rating in a research note on Wednesday, October 24th. Finally, Deutsche Bank set a $50.00 price target on Carpenter Technology and gave the company a hold rating in a research report on Thursday, October 25th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. Carpenter Technology has a consensus rating of Hold and an average target price of $56.00.

Shares of NYSE CRS traded down $0.42 during mid-day trading on Wednesday, hitting $41.44. 273,197 shares of the company traded hands, compared to its average volume of 421,650. The company has a quick ratio of 1.23, a current ratio of 3.27 and a debt-to-equity ratio of 0.37. Carpenter Technology has a 1 year low of $32.77 and a 1 year high of $61.49. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 16.58 and a beta of 2.17.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Wednesday, October 24th. The basic materials company reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.09). The business had revenue of $572.40 million for the quarter, compared to the consensus estimate of $559.00 million. Carpenter Technology had a return on equity of 9.03% and a net margin of 8.74%. The business’s revenue was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.49 earnings per share. As a group, sell-side analysts expect that Carpenter Technology will post 3.16 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in CRS. Essex Investment Management Co. LLC increased its position in Carpenter Technology by 4.4% during the 3rd quarter. Essex Investment Management Co. LLC now owns 31,374 shares of the basic materials company’s stock valued at $1,849,000 after purchasing an additional 1,329 shares during the period. Legal & General Group Plc grew its holdings in Carpenter Technology by 2.3% in the 3rd quarter. Legal & General Group Plc now owns 60,165 shares of the basic materials company’s stock valued at $3,546,000 after buying an additional 1,353 shares during the period. Teachers Advisors LLC lifted its position in Carpenter Technology by 1.0% during the 3rd quarter. Teachers Advisors LLC now owns 133,240 shares of the basic materials company’s stock worth $7,854,000 after acquiring an additional 1,368 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of Carpenter Technology by 37.0% in the 3rd quarter. Jane Street Group LLC now owns 5,736 shares of the basic materials company’s stock valued at $338,000 after acquiring an additional 1,548 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in Carpenter Technology by 12.5% during the 3rd quarter. Pacer Advisors Inc. now owns 16,696 shares of the basic materials company’s stock worth $984,000 after acquiring an additional 1,849 shares during the period. 94.00% of the stock is owned by institutional investors and hedge funds.

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.

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