Carpenter Technology (NYSE:CRS) Sets New 52-Week High Following Analyst Upgrade

Shares of Carpenter Technology Co. (NYSE:CRS) hit a new 52-week high on Wednesday after Benchmark raised their price target on the stock from $100.00 to $140.00. Benchmark currently has a buy rating on the stock. Carpenter Technology traded as high as $106.71 and last traded at $105.75, with a volume of 309072 shares traded. The stock had previously closed at $102.54.

Other research analysts have also issued research reports about the stock. Northcoast Research reissued a “neutral” rating on shares of Carpenter Technology in a research note on Monday. TD Cowen raised their price objective on shares of Carpenter Technology from $90.00 to $116.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and an average price target of $109.67.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 31,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the sale, the director now owns 244,126 shares of the company’s stock, valued at $24,551,751.82. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Carpenter Technology news, Director Steven E. Karol sold 31,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the sale, the director now owns 244,126 shares of the company’s stock, valued at $24,551,751.82. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Elizabeth A. Socci sold 802 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $102.11, for a total transaction of $81,892.22. Following the sale, the vice president now directly owns 11,509 shares in the company, valued at approximately $1,175,183.99. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cape Investment Advisory Inc. purchased a new position in Carpenter Technology in the 4th quarter valued at $29,000. Whittier Trust Co. purchased a new stake in shares of Carpenter Technology during the 1st quarter worth $30,000. Johnson Financial Group Inc. purchased a new stake in shares of Carpenter Technology during the 4th quarter worth $31,000. Westend Capital Management LLC purchased a new stake in shares of Carpenter Technology during the 1st quarter worth $36,000. Finally, Fifth Third Bancorp boosted its position in shares of Carpenter Technology by 322.5% during the 4th quarter. Fifth Third Bancorp now owns 1,162 shares of the basic materials company’s stock worth $82,000 after purchasing an additional 887 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Stock Up 1.0 %

The company has a market capitalization of $5.14 billion, a PE ratio of 39.37 and a beta of 1.47. The firm’s 50-day simple moving average is $76.35 and its 200 day simple moving average is $69.91. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, topping the consensus estimate of $0.94 by $0.25. The company had revenue of $684.90 million for the quarter, compared to analyst estimates of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The business’s revenue was down .8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 EPS. As a group, equities research analysts forecast that Carpenter Technology Co. will post 3.97 earnings per share for the current year.

Carpenter Technology Increases Dividend

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

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.