Carpenter Technology Corporation (NYSE:CRS) Receives $373.43 Average PT from Analysts

Carpenter Technology Corporation (NYSE:CRS) has earned an average recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $385.50.

A number of research firms have recently issued reports on CRS. JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Susquehanna started coverage on shares of Carpenter Technology in a research report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 target price for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Finally, BTIG Research boosted their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, January 30th.

Carpenter Technology Stock Down 2.2%

CRS stock opened at $386.39 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. The stock has a market capitalization of $19.25 billion, a P/E ratio of 44.88, a P/E/G ratio of 1.52 and a beta of 1.22. Carpenter Technology has a fifty-two week low of $138.61 and a fifty-two week high of $412.31. The business has a 50-day moving average of $353.26 and a 200-day moving average of $307.17.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $733.76 million. During the same quarter last year, the firm earned $1.66 EPS. Carpenter Technology’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Insider Buying and Selling

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the transaction, the senior vice president owned 73,739 shares of the company’s stock, valued at $28,889,465.42. The trade was a 17.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven E. Karol sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total value of $1,333,920.00. Following the sale, the director owned 225,381 shares in the company, valued at approximately $85,897,206.72. This represents a 1.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 97,758 shares of company stock worth $31,665,177. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

Large investors have recently added to or reduced their stakes in the company. Banque Transatlantique SA acquired a new position in shares of Carpenter Technology during the 4th quarter worth about $285,000. Pacer Advisors Inc. raised its holdings in shares of Carpenter Technology by 30.3% in the 4th quarter. Pacer Advisors Inc. now owns 8,565 shares of the basic materials company’s stock valued at $2,697,000 after purchasing an additional 1,990 shares during the period. Virtu Financial LLC acquired a new stake in Carpenter Technology in the 4th quarter valued at about $2,780,000. Vinland Capital Management Gestora de Recursos LTDA. acquired a new stake in Carpenter Technology in the 4th quarter valued at about $152,000. Finally, Dorsey Wright & Associates grew its holdings in Carpenter Technology by 3.2% during the fourth quarter. Dorsey Wright & Associates now owns 39,012 shares of the basic materials company’s stock worth $12,283,000 after purchasing an additional 1,216 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.