Carpenter Technology (NYSE:CRS) Given a $59.00 Price Target by Longbow Research Analysts

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Longbow Research set a $59.00 price objective on Carpenter Technology (NYSE:CRS) in a research report sent to investors on Friday, Stock Target Advisor reports. The brokerage currently has a buy rating on the basic materials company’s stock.

CRS has been the topic of a number of other reports. Zacks Investment Research raised Carpenter Technology from a hold rating to a buy rating and set a $56.00 price objective on the stock in a research note on Tuesday, April 9th. ValuEngine cut Carpenter Technology from a hold rating to a sell rating in a research note on Monday, May 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $54.50.

CRS opened at $43.79 on Friday. The company has a market capitalization of $2.06 billion, a PE ratio of 17.52 and a beta of 2.42. The company has a current ratio of 2.53, a quick ratio of 0.87 and a debt-to-equity ratio of 0.35. Carpenter Technology has a 52 week low of $32.77 and a 52 week high of $60.78. The company has a fifty day moving average price of $45.55.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.04. The business had revenue of $609.90 million for the quarter, compared to analysts’ expectations of $585.08 million. Carpenter Technology had a return on equity of 9.93% and a net margin of 6.83%. The firm’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.63 earnings per share. As a group, equities research analysts predict that Carpenter Technology will post 3.24 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Tuesday, April 30th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, April 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.83%. Carpenter Technology’s dividend payout ratio (DPR) is currently 32.00%.

Several large investors have recently made changes to their positions in the company. Park National Corp OH bought a new stake in shares of Carpenter Technology in the first quarter worth about $201,000. Norges Bank bought a new stake in shares of Carpenter Technology in the fourth quarter worth about $19,815,000. Janney Montgomery Scott LLC bought a new stake in shares of Carpenter Technology in the first quarter worth about $339,000. Geode Capital Management LLC grew its stake in shares of Carpenter Technology by 10.5% in the fourth quarter. Geode Capital Management LLC now owns 504,932 shares of the basic materials company’s stock worth $17,979,000 after purchasing an additional 47,895 shares during the last quarter. Finally, Chartwell Investment Partners LLC grew its stake in shares of Carpenter Technology by 4.6% in the first quarter. Chartwell Investment Partners LLC now owns 45,006 shares of the basic materials company’s stock worth $2,064,000 after purchasing an additional 1,970 shares during the last quarter. 91.80% of the stock is currently owned by hedge funds and other institutional investors.

About Carpenter Technology

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

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