Carpenter Technology (NYSE:CRS) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Carpenter Technology (NYSE:CRS) from a buy rating to a hold rating in a research note published on Saturday morning,Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Company reduced their price objective on shares of Carpenter Technology from $540.00 to $430.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 30th. TD Cowen lowered their target price on shares of Carpenter Technology from $650.00 to $500.00 and set a “buy” rating on the stock in a report on Friday. Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Monday, August 31st. Finally, KeyCorp cut their target price on shares of Carpenter Technology from $608.00 to $465.00 and set an “overweight” rating for the company in a research note on Thursday. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $526.88.

Carpenter Technology Stock Performance

NYSE:CRS opened at $378.13 on Friday. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. Carpenter Technology has a 12-month low of $233.77 and a 12-month high of $625.98. The stock has a 50-day moving average price of $458.36 and a 200 day moving average price of $481.51. The stock has a market capitalization of $18.74 billion, a P/E ratio of 35.94, a P/E/G ratio of 1.36 and a beta of 1.29.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (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 for the quarter, compared to the consensus estimate of $863.33 million. During the same quarter last year, the company earned $2.21 EPS. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. Equities research analysts forecast that Carpenter Technology will post 13.28 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Tuesday, October 20th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 20th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is presently 7.60%.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director owned 1,953 shares of the company’s stock, valued at $963,121.95. The trade was a 18.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Steven Karol sold 3,275 shares of Carpenter Technology stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $474.08, for a total value of $1,552,612.00. Following the completion of the sale, the director directly owned 177,000 shares in the company, valued at approximately $83,912,160. The trade was a 1.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,996 shares of company stock worth $54,644,436 in the last quarter. 2.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in Carpenter Technology during the second quarter valued at $3,834,623,000. SurgoCap Partners LP bought a new stake in shares of Carpenter Technology in the 2nd quarter worth about $423,444,000. Jennison Associates LLC bought a new stake in shares of Carpenter Technology in the 1st quarter worth about $317,411,000. Wellington Management Group LLP increased its holdings in shares of Carpenter Technology by 82.2% in the 2nd quarter. Wellington Management Group LLP now owns 506,167 shares of the basic materials company’s stock worth $312,224,000 after buying an additional 228,290 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at about $231,252,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.