Carpenter Technology Corporation (NYSE:CRS) Stock Has Average Price Target of $476.43 According to Analysts

Shares of Carpenter Technology Corporation (NYSE:CRS) have earned an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $476.43.

Several equities analysts recently weighed in on CRS shares. TD Cowen reduced their price target 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. Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. BTIG Research dropped their target price on shares of Carpenter Technology from $620.00 to $470.00 and set a “buy” rating on the stock in a research note on Friday, October 23rd. JPMorgan Chase & Co. dropped their target price on shares of Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. Finally, Susquehanna reissued a “positive” rating and set a $450.00 target price on shares of Carpenter Technology in a research report on Friday, October 23rd.

Carpenter Technology Stock Up 2.5%

CRS stock opened at $304.90 on Friday. The stock has a market cap of $15.10 billion, a P/E ratio of 26.89, a P/E/G ratio of 1.05 and a beta of 1.43. The company has a current ratio of 3.94, a quick ratio of 2.05 and a debt-to-equity ratio of 0.32. The stock’s fifty day simple moving average is $370.68 and its two-hundred day simple moving average is $440.88. Carpenter Technology has a 1-year low of $270.49 and a 1-year high of $625.98.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, October 22nd. The basic materials company reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.21. The company had revenue of $634.80 million for the quarter, compared to analysts’ expectations of $830.85 million. Carpenter Technology had a return on equity of 27.50% and a net margin of 17.87%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.43 EPS. Analysts expect that Carpenter Technology will post 13.41 EPS 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 issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 20th. Carpenter Technology’s payout ratio is 7.05%.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, CEO Tony Thene sold 57,456 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the transaction, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. This represents a 11.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven Karol sold 3,275 shares of the stock in a transaction on Friday, September 4th. The shares were sold at an average price of $474.08, for a total value of $1,552,612.00. Following the transaction, the director directly owned 177,000 shares of the company’s stock, valued at approximately $83,912,160. This trade represents a 1.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 112,996 shares of company stock worth $54,644,436. 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. BlackRock Inc. bought a new position in shares of Carpenter Technology during the 2nd quarter worth $3,834,623,000. Jennison Associates LLC purchased a new stake in Carpenter Technology during the first quarter valued at about $317,411,000. SurgoCap Partners LP purchased a new stake in Carpenter Technology during the second quarter valued at about $423,444,000. Bank of New York Mellon Corp bought a new position in Carpenter Technology during the second quarter worth about $231,252,000. Finally, William Blair Investment Management LLC bought a new position in Carpenter Technology during the second quarter worth about $205,165,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

About Carpenter Technology

Carpenter Technology Corporation develops, manufactures and distributes specialty alloys and engineered materials for applications that require high performance in demanding environments. Its products include specialty steels, nickel- and cobalt-based alloys, titanium alloys, and precision-engineered components. The company serves customers in industries including aerospace and defense, medical, energy, transportation and industrial manufacturing. Its materials are used in products and equipment where strength, heat resistance, corrosion resistance or other specialized properties are important.