Carpenter Technology Corporation (NYSE:CRS) Receives $577.25 Consensus PT from Analysts

Carpenter Technology Corporation (NYSE:CRS) has received an average rating of “Buy” from the ten brokerages that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $577.25.

Several research firms have recently commented on CRS. KeyCorp decreased their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. JPMorgan Chase & Co. reduced their price target on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. TD Cowen upped their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Finally, BTIG Research raised their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research note on Friday, July 31st.

Carpenter Technology Trading Down 2.7%

CRS opened at $477.32 on Monday. Carpenter Technology has a 1-year low of $228.00 and a 1-year high of $625.98. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The company has a market cap of $23.66 billion, a P/E ratio of 45.37, a price-to-earnings-growth ratio of 1.76 and a beta of 1.25. The company has a fifty day moving average price of $557.70 and a two-hundred day moving average price of $473.62.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. During the same period last year, the business posted $2.21 EPS. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. Analysts predict that Carpenter Technology will post 13.08 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s payout ratio is 7.60%.

Insider Buying and Selling

In other news, CEO Tony R. Thene sold 57,456 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the transaction, the chief executive officer owned 439,631 shares in the company, valued at $212,737,440.90. This trade represents a 11.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the transaction, the director directly owned 1,953 shares in the company, valued at approximately $963,121.95. The trade was a 18.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 109,721 shares of company stock valued at $53,091,824 over the last three months. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

Several institutional investors have recently made changes to their positions in CRS. Sanctuary Advisors LLC bought a new stake in Carpenter Technology in the 2nd quarter worth about $2,978,000. Kinetic Partners Management LP purchased a new position in shares of Carpenter Technology in the 2nd quarter worth approximately $19,122,000. Covestor Ltd boosted its stake in shares of Carpenter Technology by 334.3% in the 4th quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock worth $1,099,000 after buying an additional 2,688 shares during the last quarter. Focus Partners Advisor Solutions LLC bought a new position in shares of Carpenter Technology in the second quarter valued at approximately $3,095,000. Finally, Peregrine Asset Advisers Inc. bought a new position in shares of Carpenter Technology in the fourth quarter valued at approximately $4,062,000. 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.