Carpenter Technology Corporation (NYSE:CRS) Given Average Rating of “Moderate Buy” by Analysts

Carpenter Technology Corporation (NYSE:CRS) has been assigned an average rating of “Moderate Buy” from the ten research firms that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $355.8333.

A number of brokerages recently weighed in on CRS. Weiss Ratings reissued a “buy (b+)” rating on shares of Carpenter Technology in a research note on Wednesday, October 8th. Jones Trading began coverage on Carpenter Technology in a research note on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price target on the stock. Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $425.00 price target on Carpenter Technology and gave the stock a “buy” rating in a research note on Friday. Finally, BTIG Research lifted their price target on Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a research note on Monday.

Carpenter Technology Price Performance

NYSE:CRS opened at $318.56 on Tuesday. The business’s 50-day moving average price is $247.57 and its 200 day moving average price is $243.08. The firm has a market cap of $15.88 billion, a P/E ratio of 38.94, a PEG ratio of 1.42 and a beta of 1.46. Carpenter Technology has a 52-week low of $138.61 and a 52-week high of $322.15. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The firm had revenue of $733.70 million for the quarter, compared to analyst estimates of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.Carpenter Technology’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.73 earnings per share. As a group, sell-side analysts predict that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 21st. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. Carpenter Technology’s dividend payout ratio (DPR) is currently 9.78%.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology 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 owned 535,019 shares of the company’s stock, valued at $131,074,304.81. The trade was a 3.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the transaction, the director directly owned 6,732 shares in the company, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,124 shares of company stock valued at $6,890,250 in the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently bought and sold shares of CRS. GAMMA Investing LLC grew its stake in Carpenter Technology by 7.7% during the 1st quarter. GAMMA Investing LLC now owns 2,645 shares of the basic materials company’s stock valued at $479,000 after acquiring an additional 188 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in Carpenter Technology during the 1st quarter valued at about $678,000. Bessemer Group Inc. grew 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 valued at $42,000 after acquiring an additional 77 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its stake in Carpenter Technology by 514.4% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 8,786 shares of the basic materials company’s stock valued at $1,592,000 after acquiring an additional 7,356 shares in the last quarter. Finally, Highland Capital Management LLC acquired a new stake in shares of Carpenter Technology during the 1st quarter valued at about $256,000. 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.