Carpenter Technology Corporation (NYSE:CRS) Receives Average Rating of “Moderate Buy” from Brokerages

Carpenter Technology Corporation (NYSE:CRS) has been assigned a consensus recommendation of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $458.6250.

Several analysts have commented on CRS shares. JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. TD Cowen lifted their price objective on shares of Carpenter Technology from $450.00 to $470.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. BTIG Research lifted their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. Finally, Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $561.13 on Wednesday. The firm has a market cap of $27.88 billion, a price-to-earnings ratio of 59.07, a P/E/G ratio of 1.94 and a beta of 1.25. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. Carpenter Technology has a 52 week low of $228.00 and a 52 week high of $574.52. The firm’s 50-day simple moving average is $453.02 and its two-hundred day simple moving average is $387.79.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.59 by $0.18. The business had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.88 earnings per share. As a group, equities analysts forecast that Carpenter Technology will post 10.56 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 annualized dividend and a dividend yield of 0.1%. Carpenter Technology’s dividend payout ratio is presently 8.42%.

Insider Buying and Selling at Carpenter Technology

In other news, VP Marshall D. Akins sold 11,815 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the transaction, the vice president owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director directly owned 750 shares in the company, valued at approximately $317,895. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

A number of institutional investors have recently made changes to their positions in the stock. Ion Asset Management Ltd. purchased a new stake in shares of Carpenter Technology during the 3rd quarter valued at $4,027,000. American Century Companies Inc. raised its position in shares of Carpenter Technology by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after buying an additional 18,201 shares in the last quarter. Kinetic Partners Management LP raised its position in shares of Carpenter Technology by 15.5% during the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock valued at $94,901,000 after buying an additional 51,800 shares in the last quarter. Bright Futures Wealth Management LLC. purchased a new stake in shares of Carpenter Technology during the 3rd quarter valued at $674,000. Finally, Citigroup Inc. raised its position in shares of Carpenter Technology by 64.3% during the 3rd quarter. Citigroup Inc. now owns 35,219 shares of the basic materials company’s stock valued at $8,648,000 after buying an additional 13,779 shares in the last quarter. 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.