Carpenter Technology (CRS) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research downgraded shares of Carpenter Technology (NYSE:CRS) from a buy rating to a hold rating in a report released on Tuesday morning.
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 recently issued reports about the company. Cowen lifted their price objective on Carpenter Technology from $37.00 to $53.00 in a research note on Thursday, October 26th. KeyCorp reaffirmed a hold rating on shares of Carpenter Technology in a research note on Thursday, November 16th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $52.25.
Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, February 1st. The basic materials company reported $0.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.04. Carpenter Technology had a return on equity of 7.94% and a net margin of 8.30%. The business had revenue of $487.80 million during the quarter, compared to analysts’ expectations of $482.20 million. During the same period in the previous year, the firm posted $0.15 earnings per share. The company’s revenue was up 14.1% on a year-over-year basis. sell-side analysts predict that Carpenter Technology will post 2.45 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Tuesday, February 6th will be paid a $0.18 dividend. The ex-dividend date is Monday, February 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.51%. Carpenter Technology’s payout ratio is presently 21.30%.
In other news, COO Joseph E. Haniford sold 11,448 shares of Carpenter Technology stock in a transaction on Friday, December 1st. The stock was sold at an average price of $49.09, for a total value of $561,982.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.51% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund grew its stake in 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 worth $1,909,000 after purchasing an additional 2,299 shares in the last quarter. California Public Employees Retirement System grew its stake in Carpenter Technology by 3.5% during the 3rd quarter. California Public Employees Retirement System now owns 123,300 shares of the basic materials company’s stock worth $5,922,000 after purchasing an additional 4,200 shares in the last quarter. Frontier Capital Management Co. LLC grew its stake in 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 worth $59,674,000 after purchasing an additional 347,965 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new position in Carpenter Technology during the 3rd quarter worth $313,000. Finally, Northern Trust Corp grew its stake in 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 worth $40,158,000 after purchasing an additional 16,916 shares in the last quarter. 94.67% of the stock is owned by hedge funds and other institutional investors.
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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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