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

Shares of Carpenter Technology Corporation (NYSE:CRS) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $374.00 and last traded at $386.09, with a volume of 473 shares. The stock had previously closed at $369.70.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. TD Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. JPMorgan Chase & Co. upped their price target on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. BTIG Research boosted their price objective on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Finally, Deutsche Bank Aktiengesellschaft set a $425.00 price objective on shares of Carpenter Technology and gave the company a “buy” rating in a report on Friday, October 24th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and a consensus target price of $373.43.

Carpenter Technology Stock Performance

The business has a 50 day moving average of $332.44 and a 200-day moving average of $292.02. The company has a market capitalization of $18.87 billion, a P/E ratio of 44.01, a price-to-earnings-growth ratio of 1.45 and a beta of 1.30. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The business had revenue of $728.00 million during the quarter, compared to analyst estimates of $733.76 million. During the same quarter in the previous year, the firm earned $1.66 EPS. The company’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Tuesday, January 27th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is 9.29%.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, COO Brian J. Malloy sold 4,130 shares of the firm’s stock in a transaction on 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 directly owned 78,875 shares of the company’s stock, valued at $23,940,140. This trade represents a 4.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Elizabeth A. Socci sold 3,900 shares of the company’s stock in a transaction on 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 completion of the transaction, the vice president directly owned 9,594 shares in the company, valued at approximately $3,082,072.50. The trade was a 28.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 79,358 shares of company stock worth $24,254,008 over the last quarter. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Several hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. purchased a new position in shares of Carpenter Technology during the 2nd quarter valued at about $28,000. Armstrong Advisory Group Inc. boosted its stake in Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after buying an additional 43 shares in the last quarter. Spire Wealth Management grew its position in Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 84 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Carpenter Technology during the second quarter worth approximately $43,000. Finally, Rakuten Securities Inc. bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $45,000. Institutional investors own 92.03% of the company’s stock.

About Carpenter Technology

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.