Carpenter Technology (NYSE:CRS) Hits New 12-Month High – What’s Next?

Carpenter Technology Corporation (NYSE:CRS)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $355.00 and last traded at $348.1850, with a volume of 193087 shares traded. The stock had previously closed at $348.43.

Analysts Set New Price Targets

CRS has been the topic of a number of research analyst reports. TD Cowen reissued a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. BTIG Research lifted their price target on shares of Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research report on Monday, October 27th. Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. Finally, KeyCorp upgraded Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price on the stock in a research report on Thursday, November 13th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $371.14.

Carpenter Technology Trading Down 0.6%

The company has a current ratio of 4.44, a quick ratio of 2.37 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average of $323.74 and a 200-day moving average of $285.55. The stock has a market cap of $17.26 billion, a PE ratio of 42.37, a price-to-earnings-growth ratio of 1.40 and a beta of 1.29.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is currently 9.78%.

Insider Transactions at Carpenter Technology

In related news, COO Brian J. Malloy sold 4,130 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $303.52, for a total value of $1,253,537.60. Following the completion of the transaction, the chief operating officer owned 78,875 shares of the company’s stock, valued at approximately $23,940,140. The trade was a 4.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Elizabeth A. Socci sold 3,900 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the sale, the vice president directly owned 9,594 shares in the company, valued at $3,082,072.50. This represents a 28.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 79,358 shares of company stock valued at $24,254,008. 2.90% of the stock is currently owned by company insiders.

Institutional Trading of Carpenter Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Merit Financial Group LLC lifted its stake in shares of Carpenter Technology by 30.9% during the 4th quarter. Merit Financial Group LLC now owns 1,207 shares of the basic materials company’s stock worth $380,000 after purchasing an additional 285 shares during the period. Shelton Wealth Management LLC increased its stake in Carpenter Technology by 8.5% in the fourth quarter. Shelton Wealth Management LLC now owns 2,415 shares of the basic materials company’s stock valued at $760,000 after purchasing an additional 190 shares during the last quarter. CWM LLC lifted its position in Carpenter Technology by 91.1% during the fourth quarter. CWM LLC now owns 18,104 shares of the basic materials company’s stock worth $5,700,000 after buying an additional 8,628 shares during the period. Brendel Financial Advisors LLC acquired a new stake in Carpenter Technology in the 4th quarter worth about $242,000. Finally, Blue Fin Capital Inc. acquired a new stake in Carpenter Technology in the 4th quarter worth about $252,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.