Carpenter Technology (NYSE:CRS) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Carpenter Technology (NYSE:CRS) from a hold rating to a buy rating in a research report report published on Saturday morning.

Several other equities research analysts have also commented on CRS. BTIG Research upped their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. JPMorgan Chase & Co. raised their target price on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday. Jones Trading initiated coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft set a $425.00 price target on Carpenter Technology and gave the company a “buy” rating in a report on Friday, October 24th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $373.43.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $311.20 on Friday. Carpenter Technology has a twelve month low of $138.61 and a twelve month high of $355.00. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. The company has a market cap of $15.50 billion, a PE ratio of 36.14, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. The company’s 50 day moving average is $324.51 and its 200 day moving average is $287.07.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, beating the consensus estimate of $2.20 by $0.13. The business had revenue of $589.10 million during the quarter, compared to analysts’ expectations of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.66 EPS. On average, sell-side analysts forecast that Carpenter Technology will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th will be given a $0.20 dividend. The ex-dividend date is Tuesday, January 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology’s payout ratio is 9.29%.

Insider Activity at Carpenter Technology

In related news, COO Brian J. Malloy sold 43,688 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $304.45, for a total value of $13,300,811.60. Following the completion of the sale, the chief operating officer owned 78,875 shares of the company’s stock, valued at approximately $24,013,493.75. The trade was a 35.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Elizabeth A. Socci sold 3,900 shares of the stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the transaction, the vice president directly owned 9,594 shares in the company, valued at approximately $3,082,072.50. The trade was a 28.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 79,358 shares of company stock valued at $24,254,008. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. purchased a new position in Carpenter Technology in the 2nd quarter valued at about $28,000. Armstrong Advisory Group Inc. raised its holdings in shares of Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 43 shares during the last quarter. Root Financial Partners LLC purchased a new position in shares of Carpenter Technology in the third quarter valued at approximately $41,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Carpenter Technology by 54.1% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 60 shares during the last quarter. Finally, Spire Wealth Management boosted its stake in shares of Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.