Longbow Research Keeps Their Buy Rating on Carpenter Technology

By Austin Angelo

In a report issued on July 28, Chris Olin from Longbow Research maintained a Buy rating on Carpenter Technology (NYSE: CRS), with a price target of $50. The company’s shares closed on Friday at $40.62.

According to TipRanks.com, Olin is a 4-star analyst with an average return of 26.4% and a 80.0% success rate. Olin covers the Basic Materials sector, focusing on stocks such as Allegheny Technologies, Haynes International, and United States Steel.

Carpenter Technology has an analyst consensus of Moderate Buy, with a price target consensus of $43.50.

Based on Carpenter Technology’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $508 million and quarterly net profit of $25.5 million. In comparison, last year the company earned revenue of $458 million and had a net profit of $14.8 million.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Carpenter Technology Corp. engages in the manufacturing, fabrication and distribution of specialty metals. It operates through the following segments: Specialty Alloys Operations and Performance Engineered Products. The Specialty Alloys Operations segment comprises of the company’s premium alloy and stainless steel manufacturing operations.