Carpenter Technology Corporation (NYSE:CRS) Receives Average Recommendation of “Moderate Buy” from Analysts

Carpenter Technology Corporation (NYSE:CRS) has been assigned a consensus recommendation of “Moderate Buy” from the ten research firms that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $481.75.

A number of research firms recently issued reports on CRS. KeyCorp upped their price objective on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. BTIG Research boosted their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, Wells Fargo & Company increased their price target on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th.

Carpenter Technology Stock Performance

NYSE:CRS opened at $597.44 on Friday. Carpenter Technology has a twelve month low of $228.00 and a twelve month high of $624.50. 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 stock’s 50-day simple moving average is $495.57 and its 200 day simple moving average is $412.79. The firm has a market capitalization of $29.68 billion, a PE ratio of 62.89, a price-to-earnings-growth ratio of 1.75 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last posted its earnings results 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 firm had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.88 earnings per share. On average, analysts anticipate that Carpenter Technology will post 10.56 EPS 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 issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio is presently 8.42%.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction dated 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 trade represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director 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 corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRS. Woodline Partners LP bought a new position in shares of Carpenter Technology in the 1st quarter worth about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Carpenter Technology by 1.7% during the 1st 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 purchasing an additional 1,701 shares in the last quarter. Focus Partners Wealth raised its holdings in Carpenter Technology by 7.3% during 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 during the last quarter. Quantbot Technologies LP bought a new stake in shares of Carpenter Technology during the second quarter worth about $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Carpenter Technology in the 2nd quarter worth about $533,000. 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.