Carpenter Technology Corporation (NYSE:CRS) Receives $278.33 Average PT from Brokerages

Shares of Carpenter Technology Corporation (NYSE:CRS) have been given an average rating of “Moderate Buy” by the seven research firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $278.3333.

Several research firms recently issued reports on CRS. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a report on Thursday, June 12th. Weiss Ratings reiterated a “buy (b+)” rating on shares of Carpenter Technology in a research note on Saturday, September 27th. Zacks Research lowered Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. BTIG Research reissued a “buy” rating on shares of Carpenter Technology in a research report on Monday, August 4th. Finally, JPMorgan Chase & Co. upped their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 17th.

Carpenter Technology Trading Up 1.7%

Shares of CRS opened at $256.29 on Friday. The stock has a 50 day simple moving average of $246.16 and a 200-day simple moving average of $234.42. Carpenter Technology has a 1 year low of $138.61 and a 1 year high of $290.84. The stock has a market cap of $12.78 billion, a PE ratio of 34.54, a PEG ratio of 1.15 and a beta of 1.46. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating the consensus estimate of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The company had revenue of $755.60 million during the quarter, compared to analysts’ expectations of $790.73 million. During the same period last year, the firm earned $1.82 EPS. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, sell-side analysts predict that Carpenter Technology will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Tuesday, August 26th. Carpenter Technology’s payout ratio is presently 10.78%.

Insider Buying and Selling at Carpenter Technology

In other news, CEO Tony R. Thene sold 19,000 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the transaction, the chief executive officer directly owned 535,019 shares of the company’s stock, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the completion of the sale, the director directly owned 6,732 shares in the company, valued at $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,124 shares of company stock worth $6,890,250. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

Several institutional investors have recently made changes to their positions in the business. Invesco Ltd. raised its position in shares of Carpenter Technology by 37.1% during the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock valued at $381,869,000 after buying an additional 570,441 shares during the last quarter. Egerton Capital UK LLP purchased a new stake in shares of Carpenter Technology during the first quarter valued at $329,727,000. Advent International L.P. boosted its stake in shares of Carpenter Technology by 12.1% during the first quarter. Advent International L.P. now owns 804,832 shares of the basic materials company’s stock valued at $145,819,000 after purchasing an additional 87,186 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Carpenter Technology by 4.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company’s stock worth $113,114,000 after acquiring an additional 27,123 shares during the period. Finally, American Century Companies Inc. raised its holdings in Carpenter Technology by 13.9% in the first quarter. American Century Companies Inc. now owns 588,889 shares of the basic materials company’s stock worth $106,695,000 after purchasing an additional 71,747 shares in the last quarter. 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.