Carpenter Technology (NYSE:CRS) Sets New 12-Month High – Here’s What Happened

Shares of Carpenter Technology Corporation (NYSE:CRS) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $608.52 and last traded at $605.1530, with a volume of 844026 shares changing hands. The stock had previously closed at $591.78.

Analyst Ratings Changes

Several research analysts recently weighed in on CRS shares. Susquehanna boosted their price objective on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a research report on Thursday, April 30th. Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a research note 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. Finally, Wells Fargo & Company increased their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and an average price target of $458.62.

Carpenter Technology Stock Performance

The firm has a 50 day moving average price of $478.82 and a 200-day moving average price of $403.18. The stock has a market capitalization of $30.07 billion, a PE ratio of 63.70, a PEG ratio of 2.04 and a beta of 1.25. 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 posted its quarterly 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 business had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.88 EPS. Research analysts expect that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a 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 Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president directly owned 18,344 shares in the company, valued at $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Jennison Associates LLC bought a new stake in shares of Carpenter Technology in the first quarter valued at approximately $317,411,000. Sands Capital Management LLC bought a new stake in Carpenter Technology during the fourth quarter valued at approximately $195,731,000. Norges Bank bought a new stake in shares of Carpenter Technology during the fourth quarter valued at approximately $195,254,000. Aspex Management HK Ltd bought a new stake in Carpenter Technology in the third quarter worth $136,215,000. Finally, TOMS Capital Investment Management LP purchased a new position in Carpenter Technology during the 2nd quarter worth $106,683,000. 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.