Carpenter Technology (NYSE:CRS) Hits New 52-Week High – Here’s What Happened

Carpenter Technology Corporation (NYSE:CRS) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $574.70 and last traded at $577.3340, with a volume of 139815 shares traded. The stock had previously closed at $561.59.

Wall Street Analyst Weigh In

CRS has been the subject of several research analyst reports. KeyCorp lifted their price objective on Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. BTIG Research upped their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Susquehanna lifted their target price on Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $458.62.

Carpenter Technology Stock Up 1.8%

The firm has a market cap of $29.11 billion, a P/E ratio of 61.66, a P/E/G ratio of 1.98 and a beta of 1.25. The business has a fifty day moving average of $460.51 and a 200 day moving average of $391.55. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. The company had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.Carpenter Technology’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.88 EPS. On average, equities research analysts predict that Carpenter Technology Corporation will post 10.56 EPS 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 given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio (DPR) is currently 8.42%.

Insiders Place Their Bets

In other news, 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 transaction, the vice president owned 18,344 shares of the company’s stock, valued at $8,096,307.84. The trade was a 39.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the sale, the director owned 750 shares of the company’s stock, valued at approximately $317,895. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Carpenter Technology in the first quarter valued at about $30,000. SJS Investment Consulting Inc. grew its holdings in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after buying an additional 36 shares in the last quarter. Geneos Wealth Management Inc. bought a new position in shares of Carpenter Technology during the second quarter worth about $28,000. Armstrong Advisory Group Inc. raised its position in Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after buying an additional 43 shares during the last quarter. Finally, Hollencrest Capital Management bought a new stake in Carpenter Technology in the 1st quarter valued at approximately $52,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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.