Carpenter Technology (NYSE:CRS) Releases Quarterly Earnings Results, Beats Expectations By $0.31 EPS

Carpenter Technology (NYSE:CRS) released its earnings results on Thursday. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31, Briefing.com reports. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm had revenue of $798.70 million during the quarter, compared to analyst estimates of $763.76 million. During the same period last year, the business posted $0.78 earnings per share. Carpenter Technology’s revenue was up 5.4% compared to the same quarter last year.

Carpenter Technology Stock Up 4.5 %

Shares of NYSE:CRS traded up $6.02 during trading on Friday, hitting $140.78. 977,629 shares of the company were exchanged, compared to its average volume of 879,183. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.45. The firm’s 50 day moving average price is $109.68 and its 200-day moving average price is $86.49. The stock has a market capitalization of $6.98 billion, a P/E ratio of 53.53 and a beta of 1.44. Carpenter Technology has a 12-month low of $56.42 and a 12-month high of $144.40.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CRS. BTIG Research assumed coverage on Carpenter Technology in a research note on Wednesday, June 26th. They issued a “buy” rating and a $120.00 price objective for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They set a “buy” rating and a $144.00 price target for the company. Benchmark increased their price objective on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research report on Friday. Northcoast Research restated a “sell” rating and issued a $89.00 price objective on shares of Carpenter Technology in a report on Friday, June 14th. Finally, TD Cowen boosted their target price on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $130.60.

Insider Activity at Carpenter Technology

In related news, SVP James D. Dee sold 23,518 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total value of $2,616,612.68. Following the completion of the sale, the senior vice president now directly owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, VP Marshall D. Akins sold 4,358 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $102.23, for a total value of $445,518.34. Following the completion of the sale, the vice president now directly owns 23,014 shares of the company’s stock, valued at $2,352,721.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP James D. Dee sold 23,518 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the completion of the sale, the senior vice president now owns 84,798 shares of the company’s stock, valued at approximately $9,434,625.48. The disclosure for this sale can be found here. Insiders have sold 59,678 shares of company stock valued at $6,261,693 in the last ninety days. Insiders own 3.40% of the company’s stock.

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.