Carpenter Technology (NYSE:CRS) Reaches New 12-Month High – Should You Buy?

Carpenter Technology Corporation (NYSE:CRS)’s share price reached a new 52-week high on Monday . The stock traded as high as $257.84 and last traded at $256.69, with a volume of 52520 shares trading hands. The stock had previously closed at $253.72.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CRS shares. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a report on Tuesday, June 17th. Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, Benchmark boosted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, June 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus price target of $244.75.

Carpenter Technology Trading Up 1.2%

The firm has a market cap of $12.79 billion, a PE ratio of 36.40, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37. The company has a 50-day simple moving average of $220.82 and a 200 day simple moving average of $198.17. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The business had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. During the same quarter in the prior year, the firm posted $1.19 earnings per share. The company’s revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.31%. Carpenter Technology’s dividend payout ratio (DPR) is presently 11.33%.

Carpenter Technology announced that its board has initiated a stock buyback program on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director now owns 6,732 shares of the company’s stock, valued at $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anastasios John Hart sold 1,000 shares of the company’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kestra Investment Management LLC purchased a new stake in Carpenter Technology during the 4th quarter worth about $25,000. Rise Advisors LLC purchased a new stake in Carpenter Technology during the first quarter worth approximately $31,000. IMA Advisory Services Inc. purchased a new stake in Carpenter Technology during the first quarter worth approximately $36,000. Bessemer Group Inc. raised its stake in Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 77 shares in the last quarter. Finally, Ameriflex Group Inc. purchased a new position in Carpenter Technology during the 4th quarter worth approximately $44,000. Hedge funds and other 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.