Brokerages Set Carpenter Technology Corporation (NYSE:CRS) Price Target at $481.75

Carpenter Technology Corporation (NYSE:CRS) has received an average rating of “Moderate Buy” from the ten brokerages that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $504.8750.

Several brokerages have issued reports on CRS. Susquehanna raised their price target on Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a report on Thursday. BTIG Research upped their price objective on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. TD Cowen increased their price objective on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Finally, KeyCorp lifted their target price on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th.

Insider Buying and Selling

In related news, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction that occurred 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 sale, the director directly owned 750 shares of the company’s stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the business’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 completion of the sale, the vice president owned 18,344 shares of the company’s stock, valued at $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors have recently modified their holdings of the business. Geneos Wealth Management Inc. bought a new position in Carpenter Technology during the second quarter worth about $28,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Carpenter Technology in the 1st quarter valued at about $30,000. SJS Investment Consulting Inc. grew its position in shares of Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 36 shares in the last quarter. Armstrong Advisory Group Inc. grew its position in shares of Carpenter Technology by 57.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 43 shares in the last quarter. Finally, Spire Wealth Management increased its holdings in shares of Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares during the period. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $590.74 on Friday. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average price is $509.13 and its two-hundred day moving average price is $421.19. The company has a market cap of $29.35 billion, a PE ratio of 62.18, a price-to-earnings-growth ratio of 1.72 and a beta of 1.22. Carpenter Technology has a twelve month low of $228.00 and a twelve month high of $625.98.

Carpenter Technology (NYSE:CRS) last issued its earnings results 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 company had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.88 EPS. On average, analysts predict that Carpenter Technology will post 10.56 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were given 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%.

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.