Several other equities analysts have also recently issued reports on CRS. Zacks Investment Research upgraded Carpenter Technology Corporation from a hold rating to a buy rating and set a $56.00 price objective on the stock in a research note on Tuesday, October 3rd. Cowen and Company restated a hold rating and set a $37.00 price objective on shares of Carpenter Technology Corporation in a research note on Monday, July 17th. TheStreet upgraded Carpenter Technology Corporation from a c+ rating to a b rating in a research note on Thursday, July 27th. Finally, Longbow Research raised their price objective on Carpenter Technology Corporation from $48.00 to $50.00 and gave the stock a buy rating in a research note on Friday, July 28th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of Buy and an average target price of $45.50.
Shares of Carpenter Technology Corporation (NYSE:CRS) traded up 0.43% during trading on Wednesday, hitting $49.51. 222,685 shares of the stock were exchanged. Carpenter Technology Corporation has a 12-month low of $30.37 and a 12-month high of $50.84. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 50.01 and a beta of 2.10. The firm has a 50 day moving average of $43.87 and a 200-day moving average of $39.14.
Carpenter Technology Corporation (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.08. Carpenter Technology Corporation had a return on equity of 4.48% and a net margin of 2.61%. The firm had revenue of $507.70 million for the quarter, compared to analysts’ expectations of $502.40 million. During the same period last year, the business posted $0.35 earnings per share. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, analysts forecast that Carpenter Technology Corporation will post $2.27 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Tuesday, October 24th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Monday, October 23rd. Carpenter Technology Corporation’s payout ratio is 72.00%.
In other Carpenter Technology Corporation news, Director Steven E. Karol sold 2,645 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $40.50, for a total value of $107,122.50. Following the sale, the director now directly owns 230,418 shares in the company, valued at $9,331,929. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert R. Mcmaster sold 8,000 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $40.44, for a total value of $323,520.00. Following the completion of the sale, the director now owns 9,200 shares in the company, valued at $372,048. The disclosure for this sale can be found here. Insiders sold 26,522 shares of company stock worth $1,065,580 over the last quarter. 4.51% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the business. Huntington National Bank lifted its stake in Carpenter Technology Corporation by 2,595.0% in the second quarter. Huntington National Bank now owns 2,695 shares of the basic materials company’s stock valued at $101,000 after buying an additional 2,595 shares during the last quarter. Riverhead Capital Management LLC lifted its stake in Carpenter Technology Corporation by 64.5% in the second quarter. Riverhead Capital Management LLC now owns 2,797 shares of the basic materials company’s stock valued at $105,000 after buying an additional 1,097 shares during the last quarter. Dubuque Bank & Trust Co. lifted its stake in Carpenter Technology Corporation by 3.0% in the second quarter. Dubuque Bank & Trust Co. now owns 3,691 shares of the basic materials company’s stock valued at $138,000 after buying an additional 107 shares during the last quarter. LS Investment Advisors LLC lifted its stake in Carpenter Technology Corporation by 17.4% in the second quarter. LS Investment Advisors LLC now owns 3,746 shares of the basic materials company’s stock valued at $140,000 after buying an additional 556 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in Carpenter Technology Corporation by 1.8% in the first quarter. Public Employees Retirement System of Ohio now owns 5,244 shares of the basic materials company’s stock valued at $196,000 after buying an additional 92 shares during the last quarter. Institutional investors own 92.81% of the company’s stock.
About Carpenter Technology Corporation
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.
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