Carpenter Technology (NYSE:CRS) Sets New 1-Year High – Should You Buy?

Carpenter Technology Corporation (NYSE:CRS)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $421.12 and last traded at $407.8810, with a volume of 100941 shares trading hands. The stock had previously closed at $394.15.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CRS shares. BTIG Research lifted their price target on Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Susquehanna started coverage on Carpenter Technology in a report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price objective on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. KeyCorp started coverage on Carpenter Technology in a report on Wednesday, March 25th. They set an “overweight” rating and a $380.00 target price for the company. Finally, Wells Fargo & Company started coverage on shares of Carpenter Technology in a research report on Wednesday. They issued an “equal weight” rating and a $400.00 target price for the company. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $387.11.

Carpenter Technology Trading Up 4.2%

The stock has a market capitalization of $20.46 billion, a P/E ratio of 47.59, a P/E/G ratio of 1.45 and a beta of 1.22. 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 business has a 50-day moving average price of $372.28 and a two-hundred day moving average price of $324.17.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The company had revenue of $728.00 million for the quarter, compared to analysts’ expectations of $733.76 million. During the same quarter last year, the business earned $1.66 earnings per share. Carpenter Technology’s revenue was up 7.5% on a year-over-year basis. On average, analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th were given a $0.20 dividend. The ex-dividend date was Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is presently 9.29%.

Insider Buying and Selling

In related news, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares of the company’s stock, valued at $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP James D. Dee sold 15,800 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the transaction, the senior vice president owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 22,300 shares of company stock valued at $8,664,044. 2.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Geneos Wealth Management Inc. acquired a new stake in Carpenter Technology in the second quarter valued at about $28,000. Armstrong Advisory Group Inc. lifted its holdings in shares of Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of Carpenter Technology in the third quarter worth about $41,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Carpenter Technology by 54.1% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 60 shares in the last quarter. Finally, Spire Wealth Management boosted its stake in shares of Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 84 shares in the last quarter. 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.