Carpenter Technology (NYSE:CRS) Stock Gets Price Target Trim from JPMorgan Chase & Co.

Carpenter Technology (NYSE:CRS) had its price target trimmed by JPMorgan Chase & Co. from $700.00 to $520.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an overweight rating on the basic materials company’s stock.

Several other research analysts have also commented on the stock. Wall Street Zen lowered shares of Carpenter Technology from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Susquehanna decreased their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Monday, August 31st. TD Cowen dropped their price objective on shares of Carpenter Technology from $650.00 to $500.00 and set a “buy” rating for the company in a research report on Friday, October 9th. Finally, BTIG Research raised their target price on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus target price of $504.38.

Carpenter Technology Stock Performance

Carpenter Technology stock opened at $377.05 on Wednesday. The company has a market cap of $18.69 billion, a price-to-earnings ratio of 35.84, a price-to-earnings-growth ratio of 1.35 and a beta of 1.29. Carpenter Technology has a 12 month low of $233.77 and a 12 month high of $625.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The stock’s 50-day moving average is $443.30 and its 200-day moving average is $480.55.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The business had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.21 EPS. Equities analysts anticipate that Carpenter Technology will post 13.27 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Tuesday, October 20th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 20th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s payout ratio is 7.60%.

Insider Buying and Selling

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the transaction, the director owned 1,953 shares in the company, valued at $963,121.95. This represents a 18.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven Karol sold 3,275 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $474.08, for a total value of $1,552,612.00. Following the completion of the transaction, the director owned 177,000 shares of the company’s stock, valued at approximately $83,912,160. This represents a 1.82% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 112,996 shares of company stock valued at $54,644,436. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Perryman Financial Advisory Inc. AD grew its holdings in Carpenter Technology by 57.0% during the 3rd quarter. Perryman Financial Advisory Inc. AD now owns 1,190 shares of the basic materials company’s stock valued at $463,000 after purchasing an additional 432 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Carpenter Technology in the 3rd quarter worth $12,657,000. Mather Group LLC. lifted its holdings in Carpenter Technology by 19.5% in the 3rd quarter. Mather Group LLC. now owns 2,441 shares of the basic materials company’s stock worth $949,000 after buying an additional 398 shares in the last quarter. Mezzasalma Advisors LLC lifted its holdings in Carpenter Technology by 0.3% in the 3rd quarter. Mezzasalma Advisors LLC now owns 14,518 shares of the basic materials company’s stock worth $5,645,000 after buying an additional 37 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its position in Carpenter Technology by 43.0% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 133 shares of the basic materials company’s stock valued at $52,000 after buying an additional 40 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.