Carpenter Technology (NYSE:CRS) Price Target Raised to $116.00 at TD Cowen

Carpenter Technology (NYSE:CRS) had its target price lifted by TD Cowen from $90.00 to $116.00 in a research note released on Thursday, Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

Carpenter Technology Stock Performance

NYSE:CRS opened at $103.64 on Thursday. The company has a 50-day moving average of $74.07 and a 200-day moving average of $69.10. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 39.41 and a beta of 1.47. The company has a current ratio of 3.20, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. Carpenter Technology has a twelve month low of $44.40 and a twelve month high of $104.85.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. The firm had revenue of $684.90 million during the quarter, compared to analysts’ expectations of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The firm’s revenue for the quarter was down .8% compared to the same quarter last year. During the same period last year, the firm posted $0.38 earnings per share. Analysts forecast that Carpenter Technology will post 3.97 earnings per share for the current fiscal year.

Carpenter Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.77%. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, April 22nd. Carpenter Technology’s dividend payout ratio is currently 30.42%.

Hedge Funds Weigh In On Carpenter Technology

Institutional investors have recently bought and sold shares of the stock. American International Group Inc. boosted its holdings in shares of Carpenter Technology by 0.7% in the fourth quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock worth $1,887,000 after buying an additional 188 shares during the period. Arizona State Retirement System boosted its stake in Carpenter Technology by 1.5% in the 3rd quarter. Arizona State Retirement System now owns 13,823 shares of the basic materials company’s stock worth $929,000 after purchasing an additional 198 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Carpenter Technology by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock worth $825,000 after purchasing an additional 215 shares in the last quarter. Range Financial Group LLC raised its stake in Carpenter Technology by 2.5% during the 4th quarter. Range Financial Group LLC now owns 10,728 shares of the basic materials company’s stock valued at $760,000 after purchasing an additional 259 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Carpenter Technology by 1.1% in the first quarter. Janney Montgomery Scott LLC now owns 25,689 shares of the basic materials company’s stock valued at $1,835,000 after purchasing an additional 281 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.