Wall Street brokerages expect Carpenter Technology Co. (NYSE:CRS) to announce sales of $476.58 million for the current quarter, Zacks reports. Four analysts have issued estimates for Carpenter Technology’s earnings, with the lowest sales estimate coming in at $453.62 million and the highest estimate coming in at $501.00 million. Carpenter Technology posted sales of $427.40 million during the same quarter last year, which suggests a positive year over year growth rate of 11.5%. The business is expected to report its next earnings report on Thursday, February 1st.
On average, analysts expect that Carpenter Technology will report full-year sales of $476.58 million for the current financial year, with estimates ranging from $1.96 billion to $2.04 billion. For the next year, analysts expect that the company will post sales of $2.15 billion per share, with estimates ranging from $2.06 billion to $2.20 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Carpenter Technology.
Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 26th. The basic materials company reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.05. The company had revenue of $479.80 million during the quarter, compared to analyst estimates of $448.46 million. Carpenter Technology had a return on equity of 6.67% and a net margin of 4.06%. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.08) EPS.
A number of brokerages recently issued reports on CRS. Zacks Investment Research upgraded Carpenter Technology from a “sell” rating to a “strong-buy” rating and set a $61.00 target price for the company in a research note on Thursday. KeyCorp restated a “hold” rating on shares of Carpenter Technology in a research note on Wednesday, October 11th. Finally, Cowen lifted their price objective on Carpenter Technology from $37.00 to $53.00 in a research note on Thursday, October 26th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Carpenter Technology has a consensus rating of “Buy” and a consensus target price of $52.25.
In other Carpenter Technology news, COO Joseph E. Haniford sold 11,448 shares of Carpenter Technology stock in a transaction dated Friday, December 1st. The stock was 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 at this hyperlink. Company insiders own 4.51% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. New York State Common Retirement Fund raised its stake in shares of Carpenter Technology by 4.7% during the 2nd quarter. New York State Common Retirement Fund now owns 51,000 shares of the basic materials company’s stock valued at $1,909,000 after buying an additional 2,299 shares during the last quarter. Frontier Capital Management Co. LLC grew its position in shares of Carpenter Technology by 38.9% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,242,423 shares of the basic materials company’s stock valued at $59,674,000 after acquiring an additional 347,965 shares during the period. Crossmark Global Holdings Inc. acquired a new stake in shares of Carpenter Technology during the 3rd quarter valued at about $313,000. Northern Trust Corp grew its position in shares of Carpenter Technology by 1.6% during the 2nd quarter. Northern Trust Corp now owns 1,072,901 shares of the basic materials company’s stock valued at $40,158,000 after acquiring an additional 16,916 shares during the period. Finally, Eagle Asset Management Inc. grew its position in shares of Carpenter Technology by 1.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 182,545 shares of the basic materials company’s stock valued at $9,127,000 after acquiring an additional 2,449 shares during the period. Institutional investors and hedge funds own 95.91% of the company’s stock.
Carpenter Technology (CRS) opened at $53.66 on Friday. The stock has a market capitalization of $2,512.20, a price-to-earnings ratio of 32.33 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 has a 52 week low of $34.24 and a 52 week high of $54.61.
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.
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