Carpenter Technology (NYSE:CRS) Sets New 12-Month High – What’s Next?

Carpenter Technology Corporation (NYSE:CRS) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $624.97 and last traded at $619.5970, with a volume of 394114 shares changing hands. The stock had previously closed at $597.24.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. TD Cowen lifted their price objective on Carpenter Technology from $450.00 to $470.00 and gave the stock a “buy” rating in a report on Friday, May 22nd. BTIG Research boosted their price objective on Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Finally, KeyCorp increased their target price on Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a report on Tuesday, June 30th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $481.75.

Carpenter Technology Stock Down 0.6%

The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $29.16 billion, a PE ratio of 61.77, a price-to-earnings-growth ratio of 1.82 and a beta of 1.22. The business has a 50-day moving average price of $502.69 and a 200-day moving average price of $417.46.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. During the same period in the prior year, the business earned $1.88 EPS. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. Equities research analysts forecast that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. Carpenter Technology’s payout ratio is 8.42%.

Insider Buying and Selling

In related news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the transaction, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the sale, the director directly owned 750 shares of the company’s stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Carpenter Technology

Several large investors have recently modified their holdings of CRS. Geneos Wealth Management Inc. acquired a new position in Carpenter Technology in the second quarter valued at about $28,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Carpenter Technology in the 1st quarter valued at approximately $30,000. SJS Investment Consulting Inc. raised its stake in shares of Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 36 shares during the period. Armstrong Advisory Group Inc. lifted its holdings in shares of Carpenter Technology by 57.3% in the 4th 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. Finally, Spire Wealth Management lifted its holdings 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 worth $42,000 after acquiring an additional 84 shares during the last quarter. Institutional investors and hedge funds 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.