Carpenter Technology (NYSE:CRS) Hits New 12-Month High – Here’s Why

Carpenter Technology Corporation (NYSE:CRS) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $341.93 and last traded at $331.8290, with a volume of 3148 shares changing hands. The stock had previously closed at $328.00.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CRS shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. Cowen reissued a “buy” rating on shares of Carpenter Technology in a report on Friday, October 24th. JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. 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 objective for the company. Finally, TD Cowen raised their price target on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, October 24th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $369.67.

Carpenter Technology Stock Performance

The firm has a fifty day simple moving average of $260.98 and a 200 day simple moving average of $252.60. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. The company has a market cap of $16.23 billion, a price-to-earnings ratio of 40.00, a P/E/G ratio of 1.41 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, topping the consensus estimate of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The firm had revenue of $733.70 million for the quarter, compared to the consensus estimate of $741.18 million. During the same quarter last year, the firm posted $1.73 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio is currently 9.78%.

Insider Buying and Selling

In other news, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the transaction, the chief executive officer directly owned 535,019 shares of the company’s stock, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director I Martin Inglis sold 5,691 shares of the business’s stock in a transaction that occurred on 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 transaction, 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 SEC filing for this sale provides additional information. Insiders sold 28,124 shares of company stock valued at $6,890,250 over the last quarter. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Synovus Financial Corp acquired a new position in Carpenter Technology during the third quarter worth $607,000. Bornite Capital Management LP increased its stake in Carpenter Technology by 72.6% during the 3rd quarter. Bornite Capital Management LP now owns 258,900 shares of the basic materials company’s stock worth $63,570,000 after acquiring an additional 108,900 shares during the period. Axxcess Wealth Management LLC increased its holdings in Carpenter Technology by 86.2% in the 3rd quarter. Axxcess Wealth Management LLC now owns 1,378 shares of the basic materials company’s stock valued at $338,000 after buying an additional 638 shares during the period. GSA Capital Partners LLP bought a new position in shares of Carpenter Technology in the 3rd quarter valued at $501,000. Finally, Rothschild Investment LLC acquired a new position in Carpenter Technology during the 3rd quarter worth approximately $144,000. Institutional investors and hedge funds 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.