Carpenter Technology (NYSE:CRS) Upgraded by Cowen to Outperform

Cowen upgraded shares of Carpenter Technology (NYSE:CRSGet Rating) from a market perform rating to an outperform rating in a research note released on Monday, The Fly reports.

Separately, StockNews.com upgraded Carpenter Technology from a sell rating to a hold rating in a report on Monday, May 16th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Carpenter Technology presently has an average rating of Moderate Buy and an average price target of $48.67.

Carpenter Technology Stock Performance

NYSE CRS opened at $39.06 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.66 and a current ratio of 2.98. Carpenter Technology has a fifty-two week low of $24.76 and a fifty-two week high of $44.96. The stock has a 50-day simple moving average of $32.66 and a two-hundred day simple moving average of $34.96. The firm has a market capitalization of $1.89 billion, a P/E ratio of -37.92 and a beta of 1.72.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Tuesday, August 23rd were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Monday, August 22nd. Carpenter Technology’s payout ratio is -77.67%.

Institutional Trading of Carpenter Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Toth Financial Advisory Corp raised its position in Carpenter Technology by 25.8% in the first quarter. Toth Financial Advisory Corp now owns 1,394 shares of the basic materials company’s stock valued at $59,000 after purchasing an additional 286 shares during the period. Envestnet Asset Management Inc. raised its position in Carpenter Technology by 2.8% in the second quarter. Envestnet Asset Management Inc. now owns 13,226 shares of the basic materials company’s stock valued at $369,000 after purchasing an additional 361 shares during the period. Mutual of America Capital Management LLC raised its position in Carpenter Technology by 5.7% in the first quarter. Mutual of America Capital Management LLC now owns 6,955 shares of the basic materials company’s stock valued at $292,000 after purchasing an additional 372 shares during the period. Legal & General Group Plc raised its position in Carpenter Technology by 0.3% in the second quarter. Legal & General Group Plc now owns 141,295 shares of the basic materials company’s stock valued at $3,943,000 after purchasing an additional 392 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in Carpenter Technology by 1.0% in the first quarter. Great West Life Assurance Co. Can now owns 43,358 shares of the basic materials company’s stock valued at $1,871,000 after purchasing an additional 412 shares during the period. Hedge funds and other institutional investors own 93.11% of the company’s stock.

Carpenter Technology Company Profile

(Get Rating)

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.

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