Carpenter Technology (NYSE:CRS) Price Target Raised to $365.00

Carpenter Technology (NYSE:CRS) had its target price boosted by BTIG Research from $305.00 to $365.00 in a research report released on Monday morning, Marketbeat reports. BTIG Research currently has a buy rating on the basic materials company’s stock.

A number of other equities research analysts have also recently commented on the stock. Jones Trading assumed coverage on shares of Carpenter Technology in a report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price target for the company. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Friday, October 24th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft set a $425.00 price objective on Carpenter Technology and gave the company a “buy” rating in a research note on Friday, October 24th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $369.67.

Carpenter Technology Trading Up 4.4%

NYSE CRS opened at $323.54 on Monday. The stock has a market capitalization of $16.12 billion, a P/E ratio of 39.55, a P/E/G ratio of 1.35 and a beta of 1.46. The business has a 50 day simple moving average of $250.61 and a 200 day simple moving average of $245.14. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. Carpenter Technology has a one year low of $138.61 and a one year high of $326.07.

Carpenter Technology (NYSE:CRS) last posted its quarterly 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 analysts’ expectations of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.73 EPS. Research analysts expect that Carpenter Technology will post 6.83 earnings per share for the current 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 issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 21st. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is 9.78%.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the transaction, the director directly owned 6,732 shares of the company’s stock, valued at $1,646,243.28. The trade was a 45.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven E. Karol sold 3,433 shares of the company’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the completion of the sale, the director owned 180,000 shares of the company’s stock, valued at approximately $44,240,400. The trade was a 1.87% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 28,124 shares of company stock worth $6,890,250. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in shares of Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock valued at $381,869,000 after acquiring an additional 570,441 shares in the last quarter. Egerton Capital UK LLP purchased a new position in Carpenter Technology in the first quarter worth $329,727,000. Advent International L.P. grew its stake in Carpenter Technology by 12.1% in the 1st 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. American Century Companies Inc. increased its position in shares of Carpenter Technology by 13.9% during the 1st quarter. American Century Companies Inc. now owns 588,889 shares of the basic materials company’s stock valued at $106,695,000 after purchasing an additional 71,747 shares during the last quarter. Finally, Driehaus Capital Management LLC raised its stake in shares of Carpenter Technology by 79.2% during the 1st quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company’s stock worth $103,806,000 after purchasing an additional 253,163 shares during the period. 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.