Carpenter Technology (NYSE:CRS) Stock Price Up 7.3% – Still a Buy?

Carpenter Technology Corporation (NYSE:CRS)’s stock price traded up 7.3% on Tuesday . The company traded as high as $338.88 and last traded at $334.1150. 141,743 shares were traded during trading, a decline of 84% from the average session volume of 892,451 shares. The stock had previously closed at $311.33.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target on the stock in a report on Thursday, November 13th. Jones Trading assumed coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price objective on the stock. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. Finally, TD Cowen reiterated a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $373.43.

Carpenter Technology Stock Up 8.7%

The company’s 50-day moving average price is $324.51 and its 200 day moving average price is $287.07. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25. The stock has a market cap of $16.85 billion, a PE ratio of 39.29, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30.

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

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Tuesday, January 27th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, January 27th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s payout ratio is 9.29%.

Insider Transactions at Carpenter Technology

In other news, VP Elizabeth A. Socci sold 3,900 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total value of $1,252,875.00. Following the transaction, the vice president owned 9,594 shares of the company’s stock, valued at $3,082,072.50. This trade represents a 28.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Brian J. Malloy sold 4,130 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $303.52, for a total value of $1,253,537.60. Following the transaction, the chief operating officer owned 78,875 shares of the company’s stock, valued at approximately $23,940,140. This trade represents a 4.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 79,358 shares of company stock valued at $24,254,008. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds have recently made changes to their positions in the business. Woodline Partners LP purchased a new stake in shares of Carpenter Technology during the first quarter worth about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Carpenter Technology by 1.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock valued at $18,985,000 after buying an additional 1,701 shares during the last quarter. Focus Partners Wealth lifted its holdings in shares of Carpenter Technology by 7.3% in the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock worth $836,000 after buying an additional 314 shares in the last quarter. HB Wealth Management LLC bought a new position in shares of Carpenter Technology during the second quarter worth $288,000. Finally, SteelPeak Wealth LLC grew its stake in Carpenter Technology by 36.9% during the second quarter. SteelPeak Wealth LLC now owns 7,664 shares of the basic materials company’s stock valued at $2,118,000 after acquiring an additional 2,065 shares in the last quarter. 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.