Carpenter Technology (NYSE:CRS) Reaches New 1-Year High – Time to Buy?

Carpenter Technology Corporation (NYSE:CRS) shares hit a new 52-week high on Thursday . The stock traded as high as $537.41 and last traded at $524.8970, with a volume of 795774 shares trading hands. The stock had previously closed at $523.77.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CRS shares. BTIG Research boosted their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. KeyCorp boosted their price target on Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $458.63.

Carpenter Technology Trading Down 0.4%

The firm has a market capitalization of $27.84 billion, a price-to-earnings ratio of 58.97, a P/E/G ratio of 1.94 and a beta of 1.25. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The business has a fifty day moving average price of $446.24 and a 200 day moving average price of $383.91.

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

Carpenter Technology Dividend Announcement

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

Insiders Place Their Bets

In related news, VP Marshall D. Akins sold 11,815 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the sale, the vice president directly owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

Institutional investors have recently added to or reduced their stakes in the business. Ion Asset Management Ltd. purchased a new stake in Carpenter Technology during the 3rd quarter worth $4,027,000. American Century Companies Inc. boosted its position in Carpenter Technology by 4.0% in the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after buying an additional 18,201 shares during the last quarter. Kinetic Partners Management LP boosted its position in Carpenter Technology by 15.5% in the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock valued at $94,901,000 after buying an additional 51,800 shares during the last quarter. Bright Futures Wealth Management LLC. purchased a new position in Carpenter Technology in the 3rd quarter valued at about $674,000. Finally, Citigroup Inc. boosted its position in Carpenter Technology by 64.3% in the 3rd quarter. Citigroup Inc. now owns 35,219 shares of the basic materials company’s stock valued at $8,648,000 after buying an additional 13,779 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.