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

Shares of Carpenter Technology Corporation (NYSE:CRS) have been given a consensus rating of “Moderate Buy” by the eleven analysts that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $438.7778.

CRS has been the subject of several research reports. JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. TD Cowen raised their target price on shares of Carpenter Technology from $430.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. BTIG Research raised their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, Wells Fargo & Company raised their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th.

Carpenter Technology Stock Performance

NYSE:CRS opened at $408.56 on Friday. Carpenter Technology has a twelve month low of $219.58 and a twelve month high of $475.69. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average of $410.86 and a 200-day moving average of $362.24. The firm has a market cap of $20.30 billion, a price-to-earnings ratio of 43.01, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. During the same quarter last year, the firm posted $1.88 EPS. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. Analysts forecast that Carpenter Technology will post 10.43 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Tuesday, April 28th. Carpenter Technology’s dividend payout ratio (DPR) is presently 8.42%.

Insider Activity

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the completion of the transaction, the director directly owned 225,381 shares in the company, valued at $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP James D. Dee sold 15,800 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the senior vice president owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 34,865 shares of company stock valued at $14,196,607. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC boosted its holdings in shares of Carpenter Technology by 190.3% in the first quarter. Lazard Asset Management LLC now owns 7,152 shares of the basic materials company’s stock worth $2,819,000 after buying an additional 4,688 shares during the period. Gateway Wealth Partners LLC purchased a new stake in shares of Carpenter Technology in the first quarter worth approximately $385,000. Lombard Odier Asset Management Europe Ltd purchased a new stake in shares of Carpenter Technology in the first quarter worth approximately $3,838,000. Waverly Advisors LLC purchased a new stake in shares of Carpenter Technology in the first quarter worth approximately $506,000. Finally, Gabelli Funds LLC lifted its position in shares of Carpenter Technology by 3.0% in the first quarter. Gabelli Funds LLC now owns 10,759 shares of the basic materials company’s stock worth $4,241,000 after purchasing an additional 315 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.