Carpenter Technology Co. (NYSE:CRS) Receives Average Rating of “Buy” from Brokerages

Carpenter Technology Co. (NYSE:CRS) has received an average rating of “Buy” from the four analysts that are presently covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $74.75.

Several equities research analysts have issued reports on the stock. Northcoast Research initiated coverage on shares of Carpenter Technology in a research report on Friday, August 25th. They set a “buy” rating and a $73.00 price objective for the company. Benchmark boosted their target price on shares of Carpenter Technology from $65.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, September 13th. TheStreet raised shares of Carpenter Technology from a “c+” rating to a “b” rating in a research report on Tuesday, June 20th. StockNews.com assumed coverage on shares of Carpenter Technology in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Finally, TD Cowen increased their target price on shares of Carpenter Technology from $60.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 1st.

Insider Activity

In other news, VP Marshall D. Akins sold 1,500 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $65.00, for a total transaction of $97,500.00. Following the completion of the sale, the vice president now owns 23,008 shares of the company’s stock, valued at $1,495,520. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Steven E. Karol sold 810 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $60.55, for a total value of $49,045.50. Following the completion of the sale, the director now directly owns 229,733 shares of the company’s stock, valued at $13,910,333.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Marshall D. Akins sold 1,500 shares of the firm’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $65.00, for a total value of $97,500.00. Following the completion of the transaction, the vice president now owns 23,008 shares of the company’s stock, valued at approximately $1,495,520. The disclosure for this sale can be found here. Insiders sold a total of 12,682 shares of company stock valued at $765,650 in the last three months. 3.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Carpenter Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. LPL Financial LLC lifted its position in Carpenter Technology by 1.0% in the fourth quarter. LPL Financial LLC now owns 21,039 shares of the basic materials company’s stock worth $777,000 after purchasing an additional 204 shares during the period. The Manufacturers Life Insurance Company grew its position in Carpenter Technology by 1.1% during the second quarter. The Manufacturers Life Insurance Company now owns 19,508 shares of the basic materials company’s stock worth $1,095,000 after buying an additional 212 shares in the last quarter. Cerity Partners LLC bought a new position in Carpenter Technology during the first quarter worth about $752,000. Fifth Third Bancorp raised its stake in shares of Carpenter Technology by 115.3% in the second quarter. Fifth Third Bancorp now owns 592 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 317 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its position in Carpenter Technology by 3.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 8,906 shares of the basic materials company’s stock worth $500,000 after purchasing an additional 319 shares during the last quarter. 91.86% of the stock is owned by institutional investors.

Carpenter Technology Trading Up 1.0 %

Shares of CRS opened at $67.68 on Tuesday. Carpenter Technology has a 12-month low of $31.02 and a 12-month high of $71.19. The company has a quick ratio of 1.40, a current ratio of 2.79 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of 58.85 and a beta of 1.78. The stock’s 50-day moving average price is $59.85 and its 200 day moving average price is $52.25.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. Carpenter Technology had a return on equity of 4.21% and a net margin of 2.21%. The business had revenue of $758.10 million for the quarter, compared to analyst estimates of $743.07 million. Carpenter Technology’s revenue for the quarter was up 34.5% on a year-over-year basis. As a group, research analysts predict that Carpenter Technology will post 3.48 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Shareholders of record on Tuesday, August 22nd were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.18%. The ex-dividend date was Monday, August 21st. Carpenter Technology’s payout ratio is 69.57%.

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.