Carpenter Technology Corporation (NYSE:CRS) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Carpenter Technology Corporation (NYSE:CRS) has been assigned an average rating of “Moderate Buy” from the ten ratings firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $458.6250.

Several equities research analysts have weighed in on the stock. TD Cowen increased their target price on shares of Carpenter Technology from $450.00 to $470.00 and gave the stock a “buy” rating in a report on Friday, May 22nd. JPMorgan Chase & Co. increased their target price on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. BTIG Research increased their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Wells Fargo & Company increased their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th.

Insiders Place Their Bets

In related news, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares in the company, valued at $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director owned 750 shares in the company, valued at approximately $317,895. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. acquired a new stake in shares of Carpenter Technology during the second quarter worth $28,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Carpenter Technology during the first quarter worth $30,000. SJS Investment Consulting Inc. raised its holdings in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 36 shares during the period. Armstrong Advisory Group Inc. raised its holdings in shares of Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares during the period. Finally, Spire Wealth Management raised its holdings in shares of Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 84 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Trading Up 4.9%

CRS opened at $523.45 on Wednesday. The firm’s fifty day moving average is $436.67 and its two-hundred day moving average is $379.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The firm has a market cap of $26.01 billion, a PE ratio of 55.10, a price-to-earnings-growth ratio of 1.85 and a beta of 1.25. Carpenter Technology has a twelve month low of $228.00 and a twelve month high of $525.00.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.18. The company had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the business posted $1.88 earnings per share. Equities research analysts anticipate that Carpenter Technology will post 10.55 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio (DPR) is presently 8.42%.

About Carpenter Technology

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.